Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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)
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 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

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_2

Step: 3

blur-text-image_3

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

Audit In The Mental Health Service

Authors: Firth-Cozens Jenny

1st Edition

0863773117, 978-0863773112

More Books

Students also viewed these Accounting questions

Question

Distinguish between filtering and interpreting. (Objective 2)

Answered: 1 week ago