Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, eg. 6,548.)Ending Inventory(1)FIFO7401(2)LIFO(3)Average-cost Oriole Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)411182630390690590490890490Ⓡ$7.00 April 57.107.407.507.80Sales8.101227285904901,380150

FIFO Method :— Under this method, beginning inventory and old purchases is used first for output or…

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590@ 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 222 12 27 28 590 490 1,380 150

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590@ 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 222 12 27 28 590 490 1,380 150

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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Question

100%

Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.
(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, eg. 6,548.)
Ending Inventory
(1)
FIFO
7401
(2)
LIFO
(3)
Average-cost

Oriole Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
4
11
18
26
30
390
690
590
490
890
490
Ⓡ
$7.00 April 5
7.10
7.40
7.50
7.80
Sales
8.10
12
27
28
590
490
1,380
150

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