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Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Cost of goods sold 270 440 290 1,000 Unit Cost $30 36 39 Senter a dollar amount Total Cost Senter a dollar amount $ 8,100 15,840 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory 11,310 $35,250

Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Cost of goods sold 270 440 290 1,000 Unit Cost $30 36 39 Senter a dollar amount Total Cost Senter a dollar amount $ 8,100 15,840 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory 11,310 $35,250

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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Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 270 440 290 1,000 Unit Cost $30 36 39 Senter a dollar amount Total Cost Senter a dollar amount $ 8,100 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 15,840 11,310 $35,250
Transcribed Image Text:Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 270 440 290 1,000 Unit Cost $30 36 39 Senter a dollar amount Total Cost Senter a dollar amount $ 8,100 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 15,840 11,310 $35,250
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