Oriole Company had 110 units in beginning inventory at a total cost of $13,20O. The company purchased 220 units at a total cost of$33,000. At the end of the year, Oriole had 75 units in ending inventory.(a)Compute 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 0 decimal places, e.g. 1,250.)FIFOLIFOAverage-costThe cost of the ending$$inventoryThe cost of goods sold2$%24 Current Attempt in ProgressIn its first month of operations, Coronado Company made three purchases of merchandise in the following sequence: (1) 300 units at$6, (2) 500 units at $7, and (3) 250 units at $8.Assuming there are 350 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method.Coronado uses a periodic inventory system.FIFOLIFOCost of the ending inventory2$2$eTextbook and MediaAssistance UsedSave for LaterAttempts: 0 of 4 usedSubmit Answer

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Description: Oriole Company had 110 units in beginning inventory at a total cost of $13,20O. The company purchased 220 units at a total cost of$33,000. At the end of the year, Oriole had 75 units in ending inventory.(a)Compute the cost of the ending inventory an

FIFO means the first in first out which means that goods purchased first will be sold first.…

Business

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Oriole Company had 110 units in beginning inventory at a total cost of $13,200. The company purchased 220 units at a total cost of $33,000. At the end of the year, Oriole had 75 units in ending inventory. (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.) FIFO LIFO Average-cost The cost of the ending $ $ 2$ inventory The cost of goods sold $ $ 2$

Oriole Company had 110 units in beginning inventory at a total cost of $13,200. The company purchased 220 units at a total cost of $33,000. At the end of the year, Oriole had 75 units in ending inventory. (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.) FIFO LIFO Average-cost The cost of the ending $ $ 2$ inventory The cost of goods sold $ $ 2$

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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