Current Attempt in ProgressOriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are givenin the following table for the first six months of 2020.DateJanuary 11January 24February 8March 16June 11Purchased1,380660Ending inventory $Save for LaterQuantitiesCost of goods sold $Sold360610Balance4601,8401,4808701,530Unit Price ofPurchase$4.60Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.$4.9$5.3Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.Attempts: 0 of 1 usedSubmit Answer

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Description: Current Attempt in ProgressOriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are givenin the following table for the first six months of 2020.DateJanuary 11January 24Febru

Ending inventory is the amount of inventory in hand at the end of the period. It is the inventory…

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Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased Ending inventory 1,380 660 Cost of goods sold Quantities $ Sold $ 360 610 Balance 460 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.

Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased Ending inventory 1,380 660 Cost of goods sold Quantities $ Sold $ 360 610 Balance 460 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 39BE

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