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Oriole Company sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Oriole Company's purchases of White Out
Oriole Company sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Oriole Company's purchases of White Out snowboards during September. During the same month, 103 White Out snowboards were sold at $170 each. Oriole Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 $100 $2,300 Sept. 12 Purchases 39 106 4,134 Sept. 19 Purchases 22 110 2,420 Sept. 26 Purchases 40 112 4,480 Totals 124 $13,334 (a) * Your answer is incorrect. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory $ $ Cost of goods sold $ 8854 $ 11034
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First In First Out FIFO Method The FIFO method assumes that the first snowboards purchased are the first ones sold Heres how to calculate the ending i...Get Instant Access to Expert-Tailored Solutions
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