Please Explain
You have the following information for Oriole Inc. for the month ended June 30,2022 . Oriole
uses a periodic inventory system.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO. (2) FIFO. (3) Averagecost. (Round average-cost method answers to 2 decimal places,
e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)
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\%.).
Please Explain You have the following information for Oriole .pdf
1. Please Explain
You have the following information for Oriole Inc. for the month ended June 30,2022 . Oriole
uses a periodic inventory system.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO. (2) FIFO. (3) Averagecost. (Round average-cost method answers to 2 decimal places,
e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)
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%.)
