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Determine the ending inventory and the cost of goods sold

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Question - Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were:

Feb. 20595 units at $8Aug. 12410 units at $10May 5500 units at $9Dec. 8100 units at $11

Oriole Company uses a periodic inventory system. Sales totaled 1,485 units.

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).

Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?

Reference no: EM132950811

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