Oriole Company had 145 units in beginning inventory at a total cost of $15,225. The company purchased 290 units at a total cost of$47,850. At the end of the year, Oriole had 65 units in ending inventory.(a)ACompute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost perunit and final answers to O decimal places, e.g. 1,250.)The cost of the endinginventoryThe cost of goods sold$AFIFOLIFOLAAverage-cost Beginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods sold(a1)Flint CompanyInventory turnover$46,000197,500243,50055.000$188,500Pina Colada Company$72,500Flint Company294,000366,50073,000Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.)$293,500Pina Colada Company

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Description: Oriole Company had 145 units in beginning inventory at a total cost of $15,225. The company purchased 290 units at a total cost of$47,850. At the end of the year, Oriole had 65 units in ending inventory.(a)ACompute the cost of the ending inventory a

FIFO METHOD:— It stands For First in First Out. In this Method Firstly Beginning Inventory is used…

Answered: Compute the cost of the ending…

Business

Accounting

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Oriole Company had 145 units in beginning inventory at a total cost of $15,225. The company purchased 290 units at a total cost of
$47,850. At the end of the year, Oriole had 65 units in ending inventory.
(a)
A
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per
unit and final answers to O decimal places, e.g. 1,250.)
The cost of the ending
inventory
The cost of goods sold
$
A
FIFO
LIFO
LA
Average-cost

Beginning inventory
Cost of goods purchased
Cost of goods available for sale
Ending inventory
Cost of goods sold
(a1)
Flint Company
Inventory turnover
$46,000
197,500
243,500
55.000
$188,500
Pina Colada Company
$72,500
Flint Company
294,000
366,500
73,000
Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.)
$293,500
Pina Colada Company

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