In its first month of operations, Orlole Company made three purchases of merchandise in the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In its first month of operations, Orlole Company made three purchases of merchandise in the following sequence: (1) 390 units at $8. (2) 580 units at $9, and (3) 435 units at $10, Assuming there are 335 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Oriole uses a periodic inventorysystem. FIFO (a) Cost of the ending inventory 8,265 LIFO (h) Cost of the ending inventory In its first month of operations, Orlole Company made three purchases of merchandise in the following sequence: (1) 390 units at $8. (2) 580 units at $9, and (3) 435 units at $10, Assuming there are 335 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Oriole uses a periodic inventorysystem. FIFO (a) Cost of the ending inventory 8,265 LIFO (h) Cost of the ending inventory
Expert Answer:
Answer rating: 100% (QA)
Purchase Units Unit Cost 390 8 2 580 9 3 435 10 Ending inven... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8.Assuming there are 360...
-
In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are...
-
In its first month of operations, Danielle Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are...
-
In Exercises 7683, use a graphing utility to graph the function. Use the graph to determine whether the function has an inverse that is a function (that is, whether the function is one-to-one). f(x)...
-
Can we infer that private-sector workers work longer hours (HRS1) than do government workers?
-
Use estimation to select the best response in Problems 5-10. Do not calculate. Which of the following is a conditional probability? A. \(P(\) normal female \()\) B. \(P(\bar{A})\) C. \(P(\) normal...
-
The altitudes (in kilometers) of atmosphere at which helium is found in majority in 10 different cities are listed. 938.5 927.0 929.5 930.3 934.3 936.0 926.2 930.5 924.8 870.7 (a) Find the range of...
-
Tablerock Corp. is interested in reviewing its method of evaluating capital expenditure proposals using the accounting rate of return method. A recent proposal involved a $100,000 investment in a...
-
Two Riders players tackle the Argos quarterback in a football game. The first Riders player applies a force of 600 N [W] to the Argo player while the other Rider tackler impacts him with 750 N [S 15...
-
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance....
-
Describe the challenges that confront healthcare employers in providing benefits and variable pay programs
-
Refer to the Human Rights Commission website: humanrights.gov.au What is their work and how does it govern relationships? Give an example three (3) of the rights and legislation that apply to a...
-
when the clements reviewed their financial statement of cash flows, they were shocked at the cash flow deficit. the couple asks you what the impact of the new child support and alimony court order...
-
You are the Vice President of Human Resources, and you have just attended the annual SHRM (Society for Human Resource Management) conference. During the conference, you learned that traditional...
-
Two key domains of human resource management are workforce planning/recruitment and employee retention. Describe at least 3 human resource functions that fall under each category and describe their...
-
Define your personal Gross National Product(GNP), by forcasting your expenses for the year. Categorize each of your expenses into one of 3 categories, Consumption, Savings, or Government Spending...
-
Inventory data for Concord Company are reported as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $5 $750 12 Purchase 450 6 2,700 23 Purchase 400 7 2,800 30 Inventory 80...
-
Let X be a random variable taking on values a1, a2, . . . , pr with probabilities p1, p2, . . . , pr and with E(X) = μ. Define the spread of X as follows: This, like the standard deviation, is a...
-
Mannelly Corporation encounters the following situations: 1. Mannelly collects $1,300 from a customer in 2012 for services to be performed in 2013. 2. Mannelly incurs utility expense which is not yet...
-
Mary Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $3 par value common stock . On January 1, 2012, the ledger contained the following...
-
Tsar Company uses a standard cost accounting system. Some of the ledger account have been destroyed in a fire. The controller asks your help in reconstructing some missing entries and balances....
-
A company with a price-earnings ratio of 14 has an earnings yield closest to: A. 7.14% B. 14.00% C. 92.86%
-
Which of the following is not produced by a company to communicate its financial results? A. Schedule 13D. B. Annual report. C. 10-K statement.
-
The role of the 8-K filing with the Securities and Exchange Commission is best described as to disclose: A. the annual report. B. executive compensation. C. holdings of beneficial owners.
Study smarter with the SolutionInn App