Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oak Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for June. Date Activities Units Acquired at Cost

Oak Ridge Company uses a periodic inventory system. It entered into the following purchases and sales transactions for June.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jun. 1

Beginning inventory

150 units @ $70 per unit


Jun. 5

Purchase

380 units @ $75 per unit


Jun. 11

Sales


400 units @ $110 per unit

Jun. 19

Purchase

240 units @ $80 per unit


Jun. 26

Purchase

300 units @ $85 per unit


Jun. 30

Sales


250 units @ $120 per unit

For specific identification, the June 11 sale consisted of 100 units from beginning inventory and 300 units from the June 5 purchase; the June 30 sale consisted of 90 units from the June 19 purchase and 160 units from the June 26 purchase.

  1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

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

Accounting

Authors: Carl s. warren, James m. reeve, Philip e. fess

21st Edition

978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004

More Books

Students also viewed these Accounting questions

Question

What is a make-or-buy decision?

Answered: 1 week ago