Oriole Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory...
Oriole Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $390 each. On January 10, Oriole purchased 6 units at $460 each. The company sold 2 units on January 8 and 5 units on January 15.
Compute the ending inventory under FIFO, LIFO and ending inventory under moving-average cost
Homework Answers
| Unit | Unit Cost | Total Cost | |
| Beginning inventory | 3 | 390 | 1170 |
| Sale Jan 8 | 2 | ||
| Purchase Jan 10 | 6 | 460 | 2760 |
| Sale Jan 15 | 5 |
Total units available for sale = 3+6 = 9 Units
Sale unit = 2+5 = 7 Units
a) FIFO = 2*460 = 920
b) LIFO = 390+460 = 850
c) Weighted average = (1*390+2760)/7*2 = 900
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