The following is a record of Oriole Company\'s transactions for Boston Teapots f

Question

The following is a record of Oriole Company's transactions for Boston Teapots for the month of May 2017. May 1 Balance 412 units @ $19 12 Purchase 618 units @ $26 28 Purchase 412 units @ $27 May 10 Sale 20 Sale 309 units @ $35 556 units @ $35 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 577 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (2) (1) FIFO LIFO Ending Inventory $ LINK TO TEXT Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO (2) LIFO Ending Inventory $

Explanation / Answer

Ending inventory under periodic :

Ending inventory under perpetual

FIFO LIFO ending inventory (165*26+412*27) = 15414 (165*26+412*19) = 12118

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