Question

Oriole Company began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 10 $58 July 6 8 July 11 6 $62 July 14 6 July 21 8 $66 July 27 7 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system $enter a dollar amount $enter a dollar amount $enter a dollar amount

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Answer is highlighted in yellow: Solution: FIFO Moving LIFO 198 $ 195 $ Cost of Ending Inventory 182 Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 10 $ 58.00 $ 6 $ 62.00 $ Ending Inventory FIFO Goods avaiable for sale Date Jul.01 10 $ 58.00 $ 6 $ 62.00 $ 8 $ 66.00 $ 580 580 Jul.11 372 372 5 $ 3 $ 66.00 $ 66.00 $ Jul.21 528 330 198 $ 1,282 Total 21 24 1,480 3 198 Moving Ending Inventory Goods avaiable for sale Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 8 $ 58.00 $ Date 10 $ 58.00 |$ 6 $ 62.00 $ 8 $ 66.00 $ Jul.01 580 464 Jul.11 6 $ 61.00 $ |(58*2)+(62*6)]/8 195 [(61*2)+(66*8)]/10 372 366 7 $ 65.00 |s 3 $ 65.00 s Jul.21 528 455 3 Total 24 1,285 1,480 21 195 Ending Inventory LIFO Goods avaiable for sale Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 10 $ 58.00 |$ Date Jul.01 8 $ 58.00 |$ 2 $ 58.00 s 580 464 116 6 $ 62.00 $ 6 $ 62.00| $ Jul.11 372 372 7 $ 66.00I$ 8 $ 66.00 |$ 1 $ 66.00$ Jul.21 66 528 462 Total 21 24 1,480 1,298 182 %24