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Current Attempt in Progress The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost
Current Attempt in Progress The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (9.220 units) Cost of 131.450 units purchased $31.348 501.454 Sales revenue on 95,340 units 745.200 120.504 Operating expenses Units purchased consisted of 37,740 units at $3.60 on May 10, 62.070 units at $3.80 on August 15, and 31,640 units at $4.10 on November 20. Income taxes are 30%. (a) Your answer is partially correct. Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, eg. 5,125) Oriole Company Condensed Income Statements
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