Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just need the LIFO ending inventory. Thanks in advance Some of the information found on a detail inventory card for Oriole Inc. for the first

Just need the LIFO ending inventory. Thanks in advance
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Received Issued, No. of Units Balance, No. of Units Date No. of Units Unit Cost January 2 1.700 $4.74 1,700 7 1,200 500 10 1.100 5.06 1,600 13 1,000 600 18 1,500 5.21 800 1,300 20 1,100 200 23 1,800 5.37 2,000 26 1,300 700 28 2,100 5.53 2,800 31 1,800 1,000 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average cost per unit $ 5.21 From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO).(2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory S 5530 4740 5210 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g, 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same Yes No e No Ending Inventory 5530 $ $ 5484

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Tony Davies, Ian Crawford

1st Edition

0273723073, 9780273723073

More Books

Students also viewed these Accounting questions

Question

1. What is nonverbal communication?

Answered: 1 week ago