Business, 16.04.2020 00:24 lexybellx3

Oriole Company had the following inventory transactions occur during 2022:

Units

Cost/unit

Feb. 1, 2022

Purchase

121 $50
Mar. 14, 2022

Purchase

208 $53
May 1, 2022

Purchase

148 $55

The company sold 343 units at $71 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO?

a.$6509

b.$17844

c.$18475

d.$5878

Answers: 2

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Oriole Company had the following inventory transactions occur during 2022:

Units
...

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