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

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 5PEA

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