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You are provided with the following information for Oriole Inc. for the month ended June 30, 2019. Oriole uses the periodic method for inventory. Calculate
You are provided with the following information for Oriole Inc. for the month ended June 30, 2019. Oriole uses the periodic method for inventory.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Unit Cost or Selling Price $41 45 67 67 47 47 72 51 Description Quantity Date June 1 June 4 June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 41 140 112 17 Beginning inventory Purchase 65 25Step by Step Solution
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