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.

Total units available for sale = Beginning units + Purchases = 430+600+700+450+550 = 2730 units…

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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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