11 14 points 02-05:38 eBook 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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e. Sale, July 3 (sold for $38 per unit) f. Operating expenses (excluding income tax expense), $19,300 Cost of Ending Inventory Cost of Goods Sold FIFO Units 300 LIFO 700 600 300 550 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $10 8 11 K

Orion Iron Corp. tracks the number of units purchased and sokd throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetial inventory system. Assume its accounting records provided the followng? information at the end of the annual accouating period, Decermber 3t Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods