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On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 Purchases $4.20 740 @ $4.40 500 Ⓡ $4.68 1.500 @ Cost of goods sold May 3 $ 16 18 FIFO Sales 320 Calculate the cost of goods sold and ending inventory using FIFO. $7.00 1,000 @ $7.00 630 Ⓒ $7.50 7800 @

On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 Purchases $4.20 740 @ $4.40 500 Ⓡ $4.68 1.500 @ Cost of goods sold May 3 $ 16 18 FIFO Sales 320 Calculate the cost of goods sold and ending inventory using FIFO. $7.00 1,000 @ $7.00 630 Ⓒ $7.50 7800 @

FINANCIAL ACCOUNTING
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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On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 (a) 29 Purchases 1,500 @ $4.20 740 @ $4.40 @ $4.68 500 Cost of goods sold Ending inventory May 3 $ 16 18 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Sales 320 1,000 @ 630 @ 7800 @ $7.00 $7.00 $7.50
Transcribed Image Text:On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 (a) 29 Purchases 1,500 @ $4.20 740 @ $4.40 @ $4.68 500 Cost of goods sold Ending inventory May 3 $ 16 18 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Sales 320 1,000 @ 630 @ 7800 @ $7.00 $7.00 $7.50
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