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please can I get help with part (b) Some of the information found on a detail inventory card for Oriole Inc. for the first month
please can I get help with part (b)
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 Unit Cost Date No. of Units $4.74 1,700 1.700 January 2 1,200 500 7 5.06 1,600 10 1.100 1,000 600 13 5.21 800 1,300 18 1,500 1.100 200 20 5.37 2,000 23 1.800 1,300 700 26 2,100 5.53 28 2,800 31 1,800 1,000 (a2) Your answer is correct. 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, eg. 6,548.) (1) FIFO (2) LIFO (3) Average-cost 4740 $ $ 5210 5530 $ Ending Inventory e Textbook and Media Attempts: 1 of 10 used (b) Your answer is partially correct. 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, 6.8. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same Yes No No Ending Inventory $ 5530 $ $ 4740 $ 5210 Step by Step Solution
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