Oriole has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale 21 Purchases...

Question

Question

business accounting

Answer 1

Answer #1

FIFO method states that goods purchased first are sold first

Under periodic inventory system, the records are maintained and updated at the end of the period and not after every transaction

Total units sold = 224+157 = 381 units

Hence, cost of goods sold = 56*134+325*125

= $48,129

Hence, the answer is 48129

Answer 2

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