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Oriole, Inc. has 6 computers which have been part of the inventory for over two years. Each computer cost $570 and originally retailed for $920.

Oriole, Inc. has 6 computers which have been part of the inventory for over two years. Each computer cost $570 and originally retailed for $920. At the statement date, each computer has a net realizable value of $390. How much loss should Oriole, Inc., record for the year? $1710. $3180. O $2340. $1080. The accountant at Sunland Company has determined that income before income taxes amounted to $8100 using the FIFO costing assumption. If the income tax rate is 35% and the amount of income taxes paid would be $350 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption? $8100 $9100 $6265 $8450 The accountant at Swifty Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 30% and the FIFO method will result in income before taxes of $8100. The LIFO method will result in income before taxes of $7600. What is the difference in tax that would be paid between the two methods? Cannot be determined from the information provided. $500. $350. $150. Swifty Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 57 $47 3/14/20 Purchase 93 $41 5/1/20 Purchase 67 $53 The company sold 153 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) $3633 O $7077 $4059 $6651

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