10

Oriole Company had 640 units of "Dink" in its inventory at a cost of $14 each. It purchased 850 more units of "Dink" at a cost of $20 each. Oriole then sold 1140 units at a selling price of $34 each. The LIFO liquidation overstated normal gross profit by C$1260 $3000. C$-0- $1740