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QUESTION: Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June. June 1 11 20 Balance 299 units @ $16 June 10 Sold 196 units @ $38 Purchased 803 units @ $19 15 Sold 502 units @ $40 Purchased 505 units @ $21 27 Sold 297 units @ $43 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO (2) FIFO Cost of Goods Sold $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount Question Part Score --/12 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO $enter The ending inventory at LIFO in dollars Question Part Score --/3 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Gross Profit (FIFO) $enter the Gross Profit (FIFO) in dollars

QUESTION: Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June. June 1 11 20 Balance 299 units @ $16 June 10 Sold 196 units @ $38 Purchased 803 units @ $19 15 Sold 502 units @ $40 Purchased 505 units @ $21 27 Sold 297 units @ $43 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO (2) FIFO Cost of Goods Sold $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount Question Part Score --/12 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO $enter The ending inventory at LIFO in dollars Question Part Score --/3 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Gross Profit (FIFO) $enter the Gross Profit (FIFO) in dollars

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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Please answer all parts with correct calculations and explanations and make sure the formatting is proper, else i will downvote and report the answer.
QUESTION: Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June. June 1 11 20 Balance 299 units @ $16 June 10 Sold 196 units @ $38 Purchased 803 units @ $19 15 Sold 502 units @ $40 Purchased 505 units @ $21 27 Sold 297 units @ $43 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO (2) FIFO Cost of Goods Sold $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount Question Part Score --/12 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO $enter The ending inventory at LIFO in dollars Question Part Score --/3 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Gross Profit (FIFO) $enter the Gross Profit (FIFO) in dollars
Transcribed Image Text:QUESTION: Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June. June 1 11 20 Balance 299 units @ $16 June 10 Sold 196 units @ $38 Purchased 803 units @ $19 15 Sold 502 units @ $40 Purchased 505 units @ $21 27 Sold 297 units @ $43 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO (2) FIFO Cost of Goods Sold $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount Question Part Score --/12 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO $enter The ending inventory at LIFO in dollars Question Part Score --/3 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Gross Profit (FIFO) $enter the Gross Profit (FIFO) in dollars
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