a. Compute Ending inventory and cost of goods sold under FIFO assuming oriole company uses a periodic inventory system. b. Compute ending inventory and cost of good sold under LIFO assuming oriole company uses the periodic inventory system

CALCULATOR FULL SCREEN PRINTER VE Comprehensive Accounting Cycle Review 6 On December 1, 2017, Oriole Company had the account balances shown below. Credits Cash Accounts Receivable Inventory (2,800 x $0.60) Equipment Debits $4,390 4,220 1,680 19,300 $29,590 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings $1,620 3,250 10,300 14,420 $29,590 The following transactions occurred during December Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,200 units of inventory on account for $1.00 per unit. (It sold 2,800 of the $0.60 units and 1,400 of the $0.72.) 7 Granted the December 5 customer $200 credit for 200 units of inventory returned costing $170. These units were returned to inventory 17 Purchased 2,200 units of Inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.87 per unit. (It sold 2,000 of the $0.72 units.) Adjustment data: 1. Accrued salaries and wages payable $410. 2. Depreciation on equipment $190 per month earch ment CALCULATOR FULL SCREE (a) Compute ending inventory and cost of goods sold under FIFO, assuming Oriole Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (b) Compute ending inventory and cost of goods sold under LIFO, assuming Oriole Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. search