will the Results be higher or lower results under FIFO and LIFO.Do not give answer in image and hand writing (b)Oriole Company reports the following for the month of June.June 1122330Ending inventory isInventory 350PurchasePurchaseUnits500350Inventory 160In contrast, cost of goods sold is✓than FIFO $Unit CostV$567Will the results in (a) be higher or lower than the results under FIFO and LIFO?Total Costthan FIFO $$1,7503,0002,450andVandthan LIFO $V than LIFO $

FIFO (First-In, First-Out): This accounting method assumes that the first items purchased are the…

(b) Oriole Company reports the following for the month of June. June 1 12 23 30 Ending inventory is Units Inventory 350 Purchase 500 Purchase 350 Inventory 160 In contrast, cost of goods sold is Unit Cost $5 than FIFO $ 6 Will the results in (a) be higher or lower than the results under FIFO and LIFO? 7 Total Cost $1,750 3,000 2,450 ✓than FIFO $ and and than LIFO $ ✓than LIFO $

(b) Oriole Company reports the following for the month of June. June 1 12 23 30 Ending inventory is Units Inventory 350 Purchase 500 Purchase 350 Inventory 160 In contrast, cost of goods sold is Unit Cost $5 than FIFO $ 6 Will the results in (a) be higher or lower than the results under FIFO and LIFO? 7 Total Cost $1,750 3,000 2,450 ✓than FIFO $ and and than LIFO $ ✓than LIFO $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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