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

Name: Oriole Company had 145 units in beginning inventory at a total cost o
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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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(b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) (c) Correct Answer (Used) The ending inventory The cost of goods sold (1) (2) FIFO 38,000 71,500 LA ta produces the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 23,500 86,000 LA LA Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? AVERAGE-COST 31,025 78,475
Please provide the average cost for each of 4 blanks. Please indicate answers CLEARLY. There should be 4 answers for each of the blanks. Also, please provide clear explanations of how you go your answers WITHOUT using Excel.
inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
Determine the unit value that should be used for inventory costing following "lower-of-cost-or-market value". (Round answers to 2 decimal places, e.g. 52.75.) A B C D E F Cost $2.80 $2.44 $2.80 $2.62 $2.44 $2.44 Replacement cost 2.25 3.00 2.25 2.60 2.37 2.46 Net realizable value 2.95 2.95 2.95 2.41 2.50 2.50 Net realizable value less normal profit 2.70 2.75 2.85 2.25 2.30 2.30 Case A $ Case B $ Case C $ Case D Case E $ Case F $
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Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
Subject: accounting
Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.
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