5 10 Doints Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information: Transactions Units Unit Cost a. Inventory, Beginning 3,000 $12 For the year: b. Purchase, April 11 9,000 10 G. Purchase, June 1 8,800 13 d. Sale, May 1 (sold for $40 per unit) 3,000 e.Sale, July 3 (sold for $40 per unit) 6,000 1. Operating expenses (excluding income tax expense), $195,000 dook Print Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO method. References FIFO Ending Inventory Cost of goods sold 6 Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. 10 points Book LC&NRV per item Ending Inventory Unit Cost Net Quantity When Realizable on Hand Acquired Value at (FIFO) Year-End RO $ 34 $ 31 94 59 59 29 69 71 Total LCANRV Aligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dresses References 49 495 49 29 49 25 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item, Philling to 6 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 10 points View transaction list Book Journal entry worksheet Print Record the write-down in inventory References Note: Enter debits before credits Transaction 1 General Journal Dobit Credit Record entry Clear entry View general Journal