Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 51

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Chapter1: Financial Statements And Business Decisions
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Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January
2025.
Date
Dec. 31
Jan. 2
Jan. 6
Jan. 91
Jan. 10
Jan. 23
Jan. 30
Description
Ending inventory
Purchase
Sale
Purchase
Sale
Purchase
Sale
Quantity
170
102
180
76
56
105
154
Unit Cost or Selling Price
$19
21
44
25
44
26
51
Transcribed Image Text:Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 91 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 51
For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round
answers to 0 decimal places, e.g. 125.)
(1)
(2)
(3)
LIFO.
FIFO.
Moving-average.
Cost of goods sold $
Ending inventory
Gross profit
SA
LIFO
69
FIFO
$
150
39
Moving-average
Transcribed Image Text:For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.) (1) (2) (3) LIFO. FIFO. Moving-average. Cost of goods sold $ Ending inventory Gross profit SA LIFO 69 FIFO $ 150 39 Moving-average
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