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Lifo & Moving Average Oriole Inc. is a retailer operating...

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Accounting

Lifo & Moving Average
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Oriole Inc. is a retailer operating in British Columbia, Oriole uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions all amounts are settled in cash. You are provided with the following information for Oriole Inc for the month of January 2022. Date Description Beginning inventory Purchase Quantity Unit Cost or Selling Price 100 $15 January 1 January 5 143 18 January 8 Sale 112 28 January 10 Sale return 10 28 January 15 Purchase 55 20 January 16 Purchase return 5 20 January 20 Sale 91 33 January 25 Purchase 20 22 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross proft. (1) LIFO (2) FIFO. (3) Moving-average cost (Round overage-cost per unit to 3 decimal places, eg, 12.502 and final answer to 0 decimal places, ex. 1.250) LIFO FIFO Moving-average Cost of goods sold $ Ending inventory $ Gross profit

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