unc.1 Oriole Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)11182030390 @690 @590 @490 @890 @490$7.007.107.407.507.808.10SalesApril 51227285904901,380150 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would beshown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places,e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)Ending inventory $(1)FIFO7,401(2)LIFO1(3)Average-cost

Ending Inventory is the value of the merchandise or items that remain in the warehouse of the…

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 690 @ 590 @ 490 890 @ 490 @ $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 590 490 27 1,380 150 12 28

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 690 @ 590 @ 490 890 @ 490 @ $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 590 490 27 1,380 150 12 28

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the…

A: A deduction is an item of expense that a company can deduct from the revenue. It reduces the…

Q: Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of…

A: Subject: Cost accountingTopic: Job order cost

Q: Revenues Cost of Goods Sold earnings first.) BLOSSOM COMPANY Income Statement For the Year Ended…

A: Financial statements are those statements which are prepared at the end of accounting period. The…

Q: Sandhill Corporation makes a mechanical stuffed alligator. The following information is available…

A: Desired ROI is calculated by multiplying invested assets by ROI percentage. The desired ROI per…

Q: Income Statement Barnyard, Inc.'s 2008 income statement lists the following income and expenses:…

A: Net income is the output of final income statement. This is calculating by deducting all the…

Q: Prepare a Cost of Production Report for the following information. Upload your completed report.…

A: Production cost reports may be prepared using the FIFO method or weighted average method. The…

Q: Iris earned $223,824.00 during 2022. Idiris is single and is paid monthly. How much will the…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Required information Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to…

A: A tangible asset's entire depreciation expenditure over the course of its useful life is recorded…

Q: Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating…

A: Horizontal analysis is a financial analysis approach that is used to examine and compare a company's…

Q: eat Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are…

A: The budget is prepared to estimate the requirements for the period. The cost of goods sold records…

Q: [The following information applies to the questions displayed below] Diego Company manufactures one…

A: Variable cost per unit is an important concept in cost accounting and financial analysis since it…

Q: Required information [The following information applies to the questions displayed below.] Bid…

A: Indifference point means a point where the decision maker can choose any option because results are…

Q: Craig Kovar Cash Budget For the Four Months Ending December 31 Estimated cash receipts from: Total…

A: Examine the cash budget to find any possible problems with cash flow, such as periods of excess or…

Q: The following costs result from the production and sale of 1,000 drum sets manufactured by Tight…

A: VARIABLE COST Variable Cost is a cost that varies with the level of output.variable costs include…

Q: On January 1, PBDKCT113 Corp. estimated its total overhead for the upcoming year to be $300,000 and…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: On June 30, 2023, Sharma Corp. sold equipment for its fair value of $300,000. The equipment had a…

A: we need to determine Sharma Corp.'s equipment rent expense for the year ended December 31, 2023,…

Q: Compute conversion costs given the following data: direct materials, $394,300; direct labor,…

A: The conversion costs comprise direct labor and overhead costs. the indirect costs are recorded as…

Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Miller and Sons' static budget for 10,100 units of production includes $44,800 for direct materials,…

A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…

Q: Sunland State sells electronic products. The controller is responsible for preparing the master…

A: The budget is prepared to estimate the requirements for the period. The cash payment schedule is…

Q: Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and…

A: Income Statement: It implies the company's financial statement that shows or presents all the…

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.0 million. $10.0…

A: Depreciation means reduction in value of fixed assets over the period of time. Under straight line…

Q: Anglina product processes its products through three separate stage. Details production for the…

A: Process Costing - It is the method of costing which is used when the product is completed through…

Q: [The following information applies to the questions displayed below.] On October 29, Lobo Company…

A: Companies often have to deal with warranty claims for their products or services. The estimated…

Q: Adjustments to reconcile net income to net cash provided by operations: Income statement items not…

A: Lets understand the basics.Cash flow statement is the financial statement which reports the inflows…

Q: An airline should recognize revenue from airline tickets in the period when O Passenger reservations…

A: Journal entry means the book of original entry where the first time transaction is recorded. After…

Q: Exercise 9-1 (Algo) Prepare a Flexible Budget (LO9-1] Puget Sound Divers is a company that provides…

A: The flexible budget is prepared for actual level of production. It is prepared on the basis of cost…

Q: An investment banker is analyzing two companies that specialize in the production and sale of…

A: Lets understand the basics.Degree of operating leverage is calculated by dividing the contribution…

Q: Stannous Company earns $2,000 of revenue on account in Year 1. Cash collections of receivables…

A: Accounting equation is one of fundamental concept being used in accounting. It means total assets…

Q: If the company's fixed costs are $235,800, how many units of each model must the company sell in…

A: BREAKEVEN POINTBreak Even means the volume of production or sales where there is no profit or…

Q: Inexperienced construction company Martinez Corp. signed a risky non-cancellable contract to build a…

A: Percentage of Completion MethodThe percentage of completion method is an accounting method for…

Q: 14 cipar $8,000 8% 120 days

A: To compute the accrued interest on each of the notes receivable held by Gallow, Inc., use the…

Q: Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated…

A: Direct material purchase budget is the statement prepared by the entity for the purpose of…

Q: Same fact pattern. On the last day of 2022, Brendle&Garcia Energy Consultants acquire a rooftop…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: Grouper's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes…

A: Budgeted selling price means the expected sale price per unit of item sold. Selling price will…

Q: 3. Equivalent Units of Materials Cost The Rolling Department of Oak Ridge Steel Company had 2,700…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: b. If all direct materials are placed in process at the beginning of production, determine the…

A: For Department Drwaing :For Department Winding :

Q: Inventory data for Culver Corporation are presented as follows. Date Explanation Units Unit Cost…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Piedmont Company segments its business into two regions-North and South. The company prepared the…

A: The contribution margin is calculated as the difference between the sales and variable costs. The…

Q: Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State…

A: Revenue and spending variances are calculated by subtracting the actual results of cost with…

Q: Inventory records for Dunbar Incorporated revealed the following: Transaction Date Apr. 1 Beginning…

A: The inventory can be valued using the various methods as FIFO, LIFO and average method. Using LIFO,…

Q: Activity Cost Pools Labor-related Production orders Order size Activity Measures DLHS orders MHS…

A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…

Q: The information regarding the fixed assets of Melcher Inc. as of December 31, 2020 below: Expected…

A: Impairment losses are recognized as costs on the income statement and diminish the book value of the…

Q: Primare Corporation provided the following data for last month's manufacturing operations. Purchases…

A: The cost of goods sold includes the cost of goods that are sold during the period. The cost of goods…

Q: Problem 2 Forensic Machinery issues an $1,200,000, 9%, 12 year mortgage note on December 31, 2022.…

A: A mortgage note is the formal agreement between a lender and a borrower for a loan made during the…

Q: b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does…

A: Section 179 of the U.S. Internal Revenue Code allows businesses to deduct the full cost of…

Q: Weaver Corporation had the 1.97,000 shares of $9 par common stock. 2.5,000 shares of $100 par, 7…

A: A common stock is a share of a company's ownership and gives the shareholder a dividend, which vary…

Q: BE7.8 (LO 3) AP Video On March 2, Pugh Company established a petty cash fund of $100. On March 27 ,…

A: Petty cash fund is that fund which is established for small petty expenses. Imprest system is…

Q: A mutual fund manager expects her portfolio to earn a rate of return of 7% this year. The beta of…

A: To determine the expected rate of return that an investor would demand before being willing to…

Q: Kingbird, Inc. purchased a new machine on October 1, 2022, at a cost of $133,000. The company…

A: Depreciation method refers to the systematic approach or technique used to allocate the cost of a…

Question

unc.1

Oriole Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
11
18
20
30
390 @
690 @
590 @
490 @
890 @
490
$7.00
7.10
7.40
7.50
7.80
8.10
Sales
April 5
12
27
28
590
490
1,380
150

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be
shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places,
e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
Ending inventory $
(1)
FIFO
7,401
(2)
LIFO
1
(3)
Average-cost

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: What is ending inventory ?

VIEW

Step 2: 1. Computing the ending Inventory using FIFO

VIEW

Step 3: 2. Computing the ending Inventory using LIFO

VIEW

Step 4: 3. Computing the ending Inventory using Average cost

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 7 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
art A Sammy accounts for VAT on an invoice basis. The following details have been extracted from the business records kept for the January/February 2020 VAT period Invoices issued VAT inclusive............................................. €145,684 Credit notes issued VAT inclusive ..................................... €363 Money collected from debtors ............................................ €200,618 If the VAT rate applicable to sales is 23%, the VAT due on sales for the January/February 2020 VAT period amounts to?
A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det in
Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 @ $5.80 570 @ 5.90 470 370 6.10 6.20 6.50 370 @ 6.70 770 @ Sales April 5 12 370 27 1,140 150 470 28
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150
Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
2.15) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 11/1-11/2 11/3 11/4-11/11 11/12 11/13-11/30 Average $125.00 Purchase $65.00 X Number of Days $145.00 X $210.00 X $210.00 x $85.00 x $85.00 X Total → 2 1 1 18 30 Sum of Balances $290.00 $210.00 $1,680.00 $85.00 $1,530
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
2.14) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 3/1-3/10 3/11 3/12-3/21 3/22 3/23-3/30 Average → $165.00 Purchase $72.00 X Number of Days $215.00 x $287.00 x $287.00 x $122.00 x $122.00 x Total → 10 1 10 1 8 30 Sum of Balances $2,150.00 $287.00 $2,870.00 $122.00 $976.00