Question
Oriole Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a
Oriole Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $22per unit. None of this inventory was sold in 2016. Relevant information is as follows.
Ending inventory units
December 31, 2016 125
December 31, 2017, by purchase date
December 2, 2017 125
July 20, 2017 50 175
During the year 2017, the following purchases and sales were made.
Purchases Sales
March 15 325 units at $26 April 10 225
July 20 325 units at 27 August 20 325
September 4 225 units at 30 November 18 175
December 2 125 units at 32 December 12 225
Calculate average-cost per unit (Round answer to 2 decimal places, e.e. 2.76)
Answer = $27.31 Correct
Your answer is partially correct.Try again.
Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost.(Round answers to 0 decimal places, e.g. 2,760.)
Specific Identification ?
FIFO= $5500 Correct
LIFO= $4050 Correct
Average-Cost ?
Your answer is incorrect.Try again.
Calculate price index.(Round answer to 4 decimal places, e.g. 2.7653.) ?
Your answer is incorrect.Try again.
Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint:The beginning inventory is the base layer priced at $22per unit.)(Round answer to 0 decimal places, e.g. 2,760.)
?
So need the help in finding the Specific Identification, Average-cost, Price Index, and ending inventory at dollar-value LIFO. Thank you
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