The following inventory transactions took place for Oriole Ltd. for the year ended December 31, 2020:

Date		Event		Quantity			Cost/ Selling Price
Jan 1		opening inventory		25,000			$50.00
Jan 5		sale		6,500			71.00
Feb 15		purchase		32,500			41.25
Mar 10		purchase		9,500			48.00
May 20		sale		41,500			71.00
Aug 22		purchase		14,500			48.50
Sep 12		sale		20,500			71.00
Nov 24		purchase		9,500			58.50
Dec 5		sale		16,700			71.00

Calculate the ending inventory balance for Oriole Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)

Ending inventory		$
Unit cost of the last item sold		$

Answer rating: 100% (QA)

Perpetual inventory system and the firstin firstout cost formula P... View the full answer