$10$

E$7-8($Algo$)$ Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost $[$LO $7-3]$

$10$

points

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December $31.$

$\backslash$table$[[$Transactions$,$Units,Unit Cost$],[$a$.$ Inventory, Beginning,$300,$$$10$