will the Results be higher or lower results under FIFO and LIFO.Do not give answer in image and hand writing (b)Oriole Company reports the following for the month of June.June 1122330Ending inventory isInventory 350PurchasePurchaseUnits500350Inventory 160In contrast, cost of goods sold is✓than FIFO $Unit CostV$567Will the results in (a) be higher or lower than the results under FIFO and LIFO?Total Costthan FIFO $$1,7503,0002,450andVandthan LIFO $V than LIFO $

FIFO (First-In, First-Out): This accounting method assumes that the first items purchased are the…

(b) Oriole Company reports the following for the month of June. June 1 12 23 30 Ending inventory is Units Inventory 350 Purchase 500 Purchase 350 Inventory 160 In contrast, cost of goods sold is Unit Cost $5 than FIFO $ 6 Will the results in (a) be higher or lower than the results under FIFO and LIFO? 7 Total Cost $1,750 3,000 2,450 ✓than FIFO $ and and than LIFO $ ✓than LIFO $

(b) Oriole Company reports the following for the month of June. June 1 12 23 30 Ending inventory is Units Inventory 350 Purchase 500 Purchase 350 Inventory 160 In contrast, cost of goods sold is Unit Cost $5 than FIFO $ 6 Will the results in (a) be higher or lower than the results under FIFO and LIFO? 7 Total Cost $1,750 3,000 2,450 ✓than FIFO $ and and than LIFO $ ✓than LIFO $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory...

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