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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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