Instruction:Journalize the transactions.2) Orpa Company had a beginning inventory of 430 units with a totul cost of $2,580. During theyear purchases were:March 10600 units at $ 7May 25700 units at $ 8.5Aug. 20450 units at $ 9Νov. 5550 units at $ 9.5Orpa uses a periodic inventory system. Sales totalled 2,100 units.Instructions:Determine the ending inventory & cost of goods sold under LIFO.

2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year purchases were: March 10 600 units at $ 7 May 25 700 units at S 8.5 Aug. 20 450 units at S 9 Nov. 5 550 units at S 9.5 Orpa uses a periodic inventory system. Sales totalled 2,100 units. Instructions: Determine the ending inventory & cost of goods sold under LIFO.

2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year purchases were: March 10 600 units at $ 7 May 25 700 units at S 8.5 Aug. 20 450 units at S 9 Nov. 5 550 units at S 9.5 Orpa uses a periodic inventory system. Sales totalled 2,100 units. Instructions: Determine the ending inventory & cost of goods sold under LIFO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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