Assume Orion Iron applies Its Inventory costing method perpetually at the time of each sale. At the end of the annual accounting perlod, December 31, the accounting records provided the following Information: Units 3,eee Unit Cost $12 Transactions G. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $195,888 10 13 9,800 8, eee 3,000 6, 80e Required: Calculate the cost of ending Inventory and the cost of goods sold using the FIFO method. FIFO Ending inventory Cost of goods sold