FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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You have the followinginformation for Oriole inc. Oriole inc uses the periodic method of accounting for its inventory transactions.
1 Beginning inventory 2200 liters at a cost of 60e per liter.
3 Purchased 2.500 liters atacost of 70e per liter.
March
March
March
Sold 2.300 iters for $1.05 per liter.
March
10
Purchased 4.000 liters at a cost of 77e per liter.
Purchased 2400 iters ata cost of 85e per liter.
March
20
March
30
Sold S.000 liters for $1.25 per liter.
(a1)
Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow
Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round
answers to 2 decimal places, eg 125.25J
(1) Specific identifcation method assuming
O The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3
purchase; and
O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase:
450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20.
(2) FIFO
(3) LIFO
ORIOLEINC.
Income Statement (partial)
Specific Identification
FIFO
LIFO
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Transcribed Image Text:You have the followinginformation for Oriole inc. Oriole inc uses the periodic method of accounting for its inventory transactions. 1 Beginning inventory 2200 liters at a cost of 60e per liter. 3 Purchased 2.500 liters atacost of 70e per liter. March March March Sold 2.300 iters for $1.05 per liter. March 10 Purchased 4.000 liters at a cost of 77e per liter. Purchased 2400 iters ata cost of 85e per liter. March 20 March 30 Sold S.000 liters for $1.25 per liter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg 125.25J (1) Specific identifcation method assuming O The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO ORIOLEINC. Income Statement (partial) Specific Identification FIFO LIFO
Specific Identification
FIFO
LIFO
Textbook and Media
>
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Transcribed Image Text:Specific Identification FIFO LIFO Textbook and Media >
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