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Oriole Company is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $46,500. However, she didn't know how to treat the following transactions so she didn't record them. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (If item is not included in the ending inventory, then enter for the amounts) lal On February 26, Oriole shipped to a customer goods costing $820. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2 b) On February 26, Martine Inc. shipped goods to Oriole FOB destination. The invoice price was $380 plus $35 for freight. The receiving report indicates that the goods were received by Oriole on March 2. c) Orlole had $390 of Inventory at a customer's warehouse 'on approval. The customer was going to let Oriole know whether it wanted the merchandise by the end of the week, March 4 (d) Oriole also had $290 of inventory at a Belle craft shop, on consignment from Oriole. lel on February 26, Oriole ordered goods costing $745. The goods were shipped FOB shipping point on February 27. Oriole received the goods on March 1. On February 28, Oriole packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $410 plus $30 for freight; the cost of the items was $335. The receiving report indicates that the goods were received by the customer on March 2. le) Oriole had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $520 and originally, Oriole expected to sell these items for $705. You have the following information for Sunland Company for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Oct. 9 Purchase 130 Oct. 11 Sale 95 95 Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase 65 75 Oct. 29 Sale 105 Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ to to The cost of goods sold $ to to A Gross profit to a e Textbook and Media List of Accounts Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate Oriole Company is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $46,500. However, she didn't know how to treat the following transactions so she didn't record them. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (If item is not included in the ending inventory, then enter for the amounts) lal On February 26, Oriole shipped to a customer goods costing $820. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2 b) On February 26, Martine Inc. shipped goods to Oriole FOB destination. The invoice price was $380 plus $35 for freight. The receiving report indicates that the goods were received by Oriole on March 2. c) Orlole had $390 of Inventory at a customer's warehouse 'on approval. The customer was going to let Oriole know whether it wanted the merchandise by the end of the week, March 4 (d) Oriole also had $290 of inventory at a Belle craft shop, on consignment from Oriole. lel on February 26, Oriole ordered goods costing $745. The goods were shipped FOB shipping point on February 27. Oriole received the goods on March 1. On February 28, Oriole packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $410 plus $30 for freight; the cost of the items was $335. The receiving report indicates that the goods were received by the customer on March 2. le) Oriole had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $520 and originally, Oriole expected to sell these items for $705. You have the following information for Sunland Company for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Oct. 9 Purchase 130 Oct. 11 Sale 95 95 Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase 65 75 Oct. 29 Sale 105 Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ to to The cost of goods sold $ to to A Gross profit to a e Textbook and Media List of Accounts Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate
