Problem 6-4A The management of Oriole Company is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2019 Feither the FIFO or the LIFO method had been used. For 2019, the accounting records show these data: Inventories Beginning (8,400 unit) Ending (20,400 units) $16,800 Purchases and Sales Total net sales (216.000 units) Total cost of goods purchased (228,000 units) 59.4 696,000 study Purchases were made quarterly as follows. Quarter Units 2 60,000 48,000 48.000 72.000 Unit Cost Total Cost $2.80 $160,000 141.600 3.10 14 ROD 3.30 237,600 $600.000 22.000 Operating expenses were $130,000, and the company's income tax rate is 40% Your answer is partially correct. Try again Prepare comparative condensed income statements for 2019 under FIFO and LIPO Oriele Company Condensed Income Statements SSIGNMENT RESOURCES Chapter 6 Everese 6-5 ebrerose 6.2 Exercise 5-8 Problem 6-4A | Sales Revenues Cost of Goods Sold Review Score Review Results by Study Beginning Inventory Cost of Goods Purchased cost of Goods Available for Sale 1 Ending Inventory 1 Cost of Goods Sold Gross Profit (Loss) Operating perces Income before Income Taxes ) Income Tax Expense Net Income (tous) J Your answer is partially correct. Try again. Answer the following questions for management (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? FIFO method ) (2) Which cost flow method (FIFO or LFO) produces the more meaningful net income? UFO method (3) Which cost flow method (FIFO OF LFO) is more likely to approximate the actual physical flow of goods? FIFO method (4) How much more cash will be available for management under LIFO than under FIFO? 4080 (5) Will gross profit under the average cost method be higher or lower than FIFO? W gross profit under the average-cost method be higher or lower than LIFO? I Higher Click if you would like to show Work for this question: Open Show Work