Question: Oriole Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 475 units that cost $66 each. During the month,

Oriole Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 475 units that cost $66 each. During the month, the company made two purchases: 717 units at $69 each and 365 units at $71 each. Oriole also sold 1201 units during the month. If the average-cost method is used, what is the amount of ending inventory? (Round average cost per unit to 2 decimal places, e.g. 21.48.) $24404 $25276 $82329. $81462

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Current Attempt in Progress Oriole Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 486 units that cost $61 each. During the month, the company made...

Oriole Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 483 units that cost $66 each. During the month, the company made two purchases: 725...

26 Oulo Corporation has tswo products in its ending inventory, each asconumted for as the lower ofeost or market A profit margin of 30%on selling price is considered Dinh l for each product. Specifie...

11. Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, Bell, Inc. detemined that $60,000 of goods that were in transit that...

Pharoah Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 476 units that cost $63 each. During the month, the company made two purchases: 715 units...

Sheridan Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 476 units that cost $61 each. During the month, the company made two purchases: 718 units...

Pharoah Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 488 units that cost $61 each. During the month, the company made two purchases: 720 units...

PARTH: Short Answer - Show all work for credit. question 1 (9 points) Determine the unit value that should be used for inventory costing following lower of cost of manat value. You may circle the...

Question 23 1 pts Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100....

Down W PACKET A docx Pape > 16 10. Transactions for the month of June were: Purchases Sales June 1 balance) 3,200 $3.20 June 2 2,400 $5.50 8,800 3.10 6 6,400 @ 5.50 7 4,800 3.30 9 4,000 @ 5.50 15...

Blue-eyed people are more likely to lose their expensive watches than are brown-eyed people. Specifically, there is an 80 percent probability that a blue-eyed individual will lose a $2000 watch...

Finding Financial Information Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book. Required: 1. What does the company include in its category of...

Cules son los criterios que debe tomar una entidad al revelar informacin financiera por segmentos

This fundraising plan component has two independent, but closely interconnected, elements: Plan Summation Long - Term Fundraising Goal Short - Term Fundraising Goal Organizational Chart

From an ethical standpoint, how would you evaluate the merits of Mr. Garbos employing Amber? Discuss.

What would you have done in response to learning about these facts? What factors in this situation might influence a company to make less-than-ethical decisions?

How much money does the company owe all the workers in (a) group 1 over 15 weeks and (b) group 2 over 20 weeks?