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Need Cost of Goods Sold and Gross profit (Loss) for LIFO. Calculate the value of ending imventory that would be reported on the balance sheet,
Need Cost of Goods Sold and Gross profit (Loss) for LIFO.
Calculate the value of ending imventory that would be reported on the balance sheet, under each of the following cost fow assumptions. (Round answers to 2 decimal places, es 125.50) (1) Specificidentification method assuming ourchase; and (i) The March 30 sale consisted detie followire eumber of units sold from beginning inventory and each purchase: 4SOliters from March 1: 550 liters from March 3; 2,900 liters from March 10. 1, 100 liters from March 20 . (2) FIFO (3) LiFO You have the following information for Oriole Inc. Oriole Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 60c per liter. March 3 Purchased 2.500 liters at a cost of 70 Step by Step Solution
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