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You are provided with the following information for Oriole Inc. for the month ended June 30, 2020. Oriole uses the periodic method for inventory Quantity
You are provided with the following information for Oriole Inc. for the month ended June 30, 2020. Oriole uses the periodic method for inventory Quantity Date June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase 41 140 112 17 55 9 65 25 Unit Cost or Selling Price $41 45 67 67 47 47 72 51 (21) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted-average cost per unit $ 45.31 eTextbook and Media Attempts: 1 used (22) Your Answer Correct Answer Your answer is partially correct. Calculate ending inventory.cost of goods sold, gross proft under each of the following methods. (1) LIFO.(2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to decimal places, eg. 1,250. Use weighted average unit cost rounded to 2 decimal places for computations.) LIFO The ending inventory FIFO AVERAGE-COST 3976 $ 4382 $ 4168 The cost of goods sold $ 7442 $ 7036 $ 7250 Gross profit $ 3466 $ 2654 S 3082 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate 96 95
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