Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

You have the following information for Oriole Company for the month ended October 31, 2022. Oriole uses a periodic method for inventory. Date Units Description

image text in transcribedimage text in transcribed

You have the following information for Oriole Company for the month ended October 31, 2022. Oriole uses a periodic method for inventory. Date Units Description Beginning inventory Purchase Unit Cost or Selling Price $26 Oct. 1 55 Oct. 9 130 28 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 29 Oct. 22 55 50 Sale Purchase 65 31 Oct. 25 Oct. 29 Sale 105 50 (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ 2410 $ 2740 $ 2567 The cost of goods sold $ 7430 $ 7100 $ 7273 Gross profit $ 4845 $ 5175 $ 5002 Attempts: 1 of 3 used (a3) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate % % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions