The following inventory transactions took place for Oriole Ltd. for the year ended December 31, 2020:Date Event Quantity Cost/SellingPrice Jan 1 opening inventory 20,020 $38.50 Jan 5 sale 5,940 72.45 Feb 15 purchase 34,600 40.75 Mar 10 purchase 10,260 47.00 May 20 sale 42,000 72.45 Aug 22 purchase 14,700 43.45 Sep 12 sale 20,300 72.45 Nov 24 purchase 9,100 46.80 Dec 5 sale 15,700 72.45 Calculate the ending inventory balance for Oriole Ltd., assuming the company uses a perpetual inventory system and the moving-average 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. 5,275.)Ending inventory $ Unit cost of the last item sold $

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Description: The following inventory transactions took place for Oriole Ltd. for the year ended December 31, 2020:Date Event Quantity Cost/SellingPrice Jan 1 opening inventory 20,020 $38.50 Jan 5 sale 5,940 72.45 Feb 15 purchase 34,600 40.75 Mar 10 purchase 1

Here, the calculation is taken place by dividing the total costs from the number of items in stock.…

Answered: Calculate the ending inventory balance…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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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	20,020	$38.50
Jan 5	sale	5,940	72.45
Feb 15	purchase	34,600	40.75
Mar 10	purchase	10,260	47.00
May 20	sale	42,000	72.45
Aug 22	purchase	14,700	43.45
Sep 12	sale	20,300	72.45
Nov 24	purchase	9,100	46.80
Dec 5	sale	15,700	72.45

Calculate the ending inventory balance for Oriole Ltd., assuming the company uses a perpetual inventory system and the moving-average 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. 5,275.)

Ending inventory		$
Unit cost of the last item sold		$

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