1 Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing

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1 Orion Iron Corp Tracks The Number Of Units Purchased And Sold Throughout Each Year But Applies Its Inventory Costing 1 (24.97 KiB) Viewed 72 times

1 Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 25 points Units 300 Unit Cost $14 Shoped Transactions o. Inventory, Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for 142 per unit) f Operating expenses (excluding incone tax expense), $19,200 12 15 850 750 300 560 300 Hint Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO References Cost of Ending Inventory Cost of Goods Sold