Oriole Company is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory method....
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Accounting
Oriole Company is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory method. 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 2022.
Dec.31 Ending Inventory - 175 units - $20 each
Jan 2. Purchase - 105 units - $28 each
Jan 6. Sale 193 units - $44 each
Jan 9. Purchase 58 units - $25 each
Jan 10. Sale 50 units - $41 each
Jan 23. Purchase 105 units - $27 each
Jan 30. Sale 125 units - $47 each
(a2) 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) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold Ending inventory " Gross profit
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