Question Background info : Listed below are some transactions for Oriole Products Ltd which uses a perpetual inventory system and reports under ASPE.
May : Sold inventory on account to Pharoah Inc., terms Selling price $; cost $
May : Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the
future. Selling price $; cost $
May : Received a portion of the inventory sold on May that was in good condition and could be sold to other customers in the
future. Selling price $ cost $
May : Received payment in full from Pharoah Inc. for the amount due from the sale made on May
MY QUESTION :
Determine the Oriole's gross profit based on the May Transactions
