Question

In its first month of operations, Oriole Company made three purchases of merchandise in the following sequence: (1) 306 units at NT$171, (2) 418 units at NT$181, and (3) 217 units at NT$200. Oriole uses a periodic inventory system.

A) Assuming there are 467 units on hand, compute the cost of the ending inventory under the FIFO method.

B) Assuming there are 467 units on hand, compute the cost of the ending inventory under the average-cost method.

Answer #1

In its first month of operations, Concord Company made three
purchases of merchandise in the following sequence: (1) 350 units
at $7, (2) 410 units at $8, and (3) 240 units at $9.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Concord
uses a periodic inventory system.
Cost of the ending inventory: FIFO $

In its first month of operations, Bethke Company made three
purchases of merchandise in the following sequence: (1) 155 units
at $6, (2) 510 units at $7, and (3) 100 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Bethke uses
a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory
$
$

In its first month of operations, Swifty Company made three
purchases of merchandise in the following sequence: (1) 310 units
at $7, (2) 470 units at $8, and (3) 230 units at $9. Assuming there
are 360 units on hand, compute the cost of the ending inventory
under the FIFO method and LIFO method. Swifty uses a periodic
inventory system.

In its fi rst month of operations, Bethke Company made three
purchases of merchandise
in the following sequence: (1) 300 units at $6, (2) 400 units
at $7, and (3) 200 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the
(a) FIFO method and (b) LIFO method. Bethke uses a periodic
inventory system.

In its first month of operations, Bramble Corp. made three
purchases of merchandise in the following sequence:
(1) 240 units at $ 4, (2) 340 units at $ 6,
and (3) 440 units at $ 7. Assuming there
are 140 units on hand at the end of the period, compute
the cost of the ending inventory under (a) the FIFO method and (b)
the LIFO method. Bramble Corp. uses a periodic inventory
system.

BE6-2
In its first month of operations, McLanie Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there
are 200 units on hand at the end of the period, compute the cost of
the ending inventory under (a) the FIFO method and (b) the LIFO
method. McLanie uses a periodic inventory system.
Compute the ending inventory using averageācost.
(LO 2), AP
BE6-3...

In its first month of operations, Coronado Industries made three
purchases of merchandise in the following sequence: (1) 260 units
at $8, (2) 360 units at $10, and (3) 460 units at $11. Assuming
there are 160 units on hand at the end of the period.
Compute the cost of the ending inventory under the average-cost
method. (Round answer to 0 decimal places, e.g.
5,275.)

In its first month of operations, Kingbird, Inc. made three
purchases of merchandise in the following sequence: (1) 155 units
at $5, (2) 520 units at $6, and (3) 140 units at $7.
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
Calculate the weighted-average unit cost. (Round
answer to 2 decimal places, e.g. 15.25.)
Weighted-average unit cost
$enter the Average unit cost in dollars rounded to 2 decimal
places...

Assume that Martinez Company has the following transactions in
its first month of operations.
Date
Purchases
Sold
Balance
Feb. 1
2,100 @ $3.60
2,100 units
Feb. 10
6,200 @ $3.95
8,300 units
Feb. 21
4,400 units
3,900 units
Feb. 28
2,100 @ $4.30
6,000 units
Martinez uses a perpetual inventory system.
(a)
Compute cost of goods sold and ending inventory at February 28,
assuming Martinez uses the FIFO cost flow assumption.
Cost of goods sold
$
Ending inventory
$

Nu Company reported the following pretax data for its first year
of operations.
Net sales
2,800
Cost of goods available for sale
2,500
Operating expenses
880
Effective tax rate
25
%
Ending inventories:
If LIFO is elected
820
If FIFO is elected
1,060
What is Nu's net income if it elects FIFO?
_______________________________________________________________________________
Fulbright Corp. uses the periodic inventory system. During its
first year of operations, Fulbright made the following purchases
(listed in chronological order of acquisition):
42 units at...

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