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