$4$

eBook

References

Orion Iron Corporation 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 $31.$

f$.$ Operating expenses $($excluding income tax expense$),$ $$19,200$

Required:

Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.