$FIFOLALIFO The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show thesedata.Inventory, January 1 (15,000 units)Cost of 112,000 units purchasedSelling price of 96,000 units soldOperating expenses$ 52,500436,900734,000129,000Units purchased consisted of 31,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 21,000 units at $4.20 on November 20. Income taxes are 28%.(a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.)Oriole CompanyCondensed Income Statements

Orioie Company Condensed Income statement Particular FIFO LIFO Sales $734,000 $734,000…

ary 1 (15,000 units) units purchased 6,000 units sold ses $ 52,500 436,900 734,000 129,000 onsisted of 31,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 21,000 units at $4.20 on November 20. Incor ative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125) Oriole Company Condensed Income Statements

ary 1 (15,000 units) units purchased 6,000 units sold ses $ 52,500 436,900 734,000 129,000 onsisted of 31,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 21,000 units at $4.20 on November 20. Incor ative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125) Oriole Company Condensed Income Statements

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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The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…
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The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads 50 % of direct wagesOffice and administration overheads 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods:In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.
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Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122.000 More Info Print Done A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done