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Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date May 1 15 24 (a2) Explanation Inventory Purchase Purchase Total ✓ 4a.png Units Unit Cost $8 37 24 Ending inventory at May 31 39 100 9 10 Total Cost $296 FIFO 216 390 $902 Q Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) LA Q Search LIFO AVERAGE-COST

Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date May 1 15 24 (a2) Explanation Inventory Purchase Purchase Total ✓ 4a.png Units Unit Cost $8 37 24 Ending inventory at May 31 39 100 9 10 Total Cost $296 FIFO 216 390 $902 Q Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) LA Q Search LIFO AVERAGE-COST

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 Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date May 1 15 24 (a2) Explanation Units Unit Cost Inventory $8 Purchase Purchase Total V 4a.png 37 Ending inventory at May 31 24 39 100 9 tA 10 Total Cost $296 FIFO 216 390 $902 Q Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) A V LIFO 0 Qv Search tA AVERAGE-COST
Transcribed Image Text:Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date May 1 15 24 (a2) Explanation Units Unit Cost Inventory $8 Purchase Purchase Total V 4a.png 37 Ending inventory at May 31 24 39 100 9 tA 10 Total Cost $296 FIFO 216 390 $902 Q Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) A V LIFO 0 Qv Search tA AVERAGE-COST
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