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The management of Oriole Company asks your help in determining the comparative effects of the...

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Accounting

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The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (15,000 units) Cost of 112,000 units purchased Selling price of 96,000 units sold Operating expenses $ 52,500 436,900 734,000 129,000 Units purchased consisted of 31,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 21,000 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Oriole Company Condensed Income Statements FIFO LIFO $ V GA $ GA $

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