The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (9,220 units)   $ 31,348 Cost of 131,450 units purchased   501,454 Selling price of 95,340 units sold   745,200 Operating expenses   120,500 Units purchased consisted of 37,740 units at $3.60 on May 10; 62,070 units at $3.80 on August 15; and 31,640 units at $4.10 on November 20. Income taxes are 26%.(a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Oriole CompanyCondensed Income Statements     FIFO   LIFO   $     $                                                                                     $     $

Question
The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data.

Inventory, January 1 (9,220 units)   $ 31,348
Cost of 131,450 units purchased   501,454
Selling price of 95,340 units sold   745,200
Operating expenses   120,500

Units purchased consisted of 37,740 units at $3.60 on May 10; 62,070 units at $3.80 on August 15; and 31,640 units at $4.10 on November 20. Income taxes are 26%.

(a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)

Oriole Company
Condensed Income Statements

 
 
FIFO
 
LIFO
 
$
 
 
$
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 
 
$
 

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