On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 Purchases $4.20 740 @ $4.40 500 Ⓡ $4.68 1.500 @ Cost of goods sold May 3 $ 16 18 FIFO Sales 320 Calculate the cost of goods sold and ending inventory using FIFO. $7.00 1,000 @ $7.00 630 Ⓒ $7.50 7800 @

On May 1, Oriole Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 Purchases $4.20 740 @ $4.40 500 Ⓡ $4.68 1.500 @ Cost of goods sold May 3 $ 16 18 FIFO Sales 320 Calculate the cost of goods sold and ending inventory using FIFO. $7.00 1,000 @ $7.00 630 Ⓒ $7.50 7800 @

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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