Oriole Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Oriole Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,440 @ $6.00 3,600 @ 1,920 @ 2,880 @ S 1,680 @ 12,720 6.10 6.40 6.60 1,200 @ 6.80 6.50 April 3 9 11 23 27 Sales 1,200 @ 3,360 @ 1,440 @ 2,880 @ 2,160 @ 11,040 $10.00 10.00 11.00 11.00 12.00

Oriole Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Oriole Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,440 @ $6.00 3,600 @ 1,920 @ 2,880 @ S 1,680 @ 12,720 6.10 6.40 6.60 1,200 @ 6.80 6.50 April 3 9 11 23 27 Sales 1,200 @ 3,360 @ 1,440 @ 2,880 @ 2,160 @ 11,040 $10.00 10.00 11.00 11.00 12.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Related questions

Q: A company’s inventory records report the following: August 1 Beginning balance 32 units @ $22…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Date Transaction May 1 Made cash sales of $8,500, the cost of the inventory was $4,000. 5 Purchased…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: The first-in, first-out (FIFO) strategy for stock valuation is a cost stream supposition that the…

Q: A company uses the perpetual inventory system and the gross method of accounting for purchases and…

A: Perpetual inventory system is that inventory system under which all transactions related to…

Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…

A: ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…

Q: a company inventory records report the following in november of the current year begining november…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: On December 1, 2020, Bramble Printers had the account balances shown below. Debit Credit Cash E6.045…

A: The inventory can be valued using various methods as LIFO, FIFO and average method.

Q: Skysong Company's record of transactions for the month of April was as follows. Purchases Sales…

A: Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

Q: a. Novak Inc. uses a perpetual inventory system. Its records show the following for the month of…

A: Here in this question we are required to calculation COGS and ending inventory under FIFO basis.…

Q: [The following information applies to the questions displayed below.] Autumn Company began the month…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Williams Co. uses a periodic inventory system. The following are inventory transactions for the…

A: The cost per unit under weighted average method is calculated as total cost of goods sold divided by…

Q: Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Question

Oriole Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records
are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.
Oriole Company's record of transactions for the month of April was as follows.
April 1 (balance on hand)
4
8
13
21
Purchases
29
3,600 @
1,440 @ $6.00
1,920 @
2,880 @
1,680 @
1,200 @
3
(3)
12,720
C
6.10
6.40
6.50
6.60
6.80
April 3
9
11
23
27
Sales
1,200 @ $10.00
3,360 @
1,440 @
2,880 @
2,160 @
11,040
10.00
11.00
11.00
12.00

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Perpetual Inventory system -FIFO and LIFO :

VIEW

Step 2: Calculation of ending inventory under FIFO method :

VIEW

Step 3: Calculation of ending inventory under LIFO method :

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).