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
c.	Purchase, June 1	8,000	13
d.	Sale, May 1 (sold for $40 per unit)	3,000
e.	Sale, July 3 (sold for $40 per unit)	6,000
f.	Operating expenses (excluding income tax expense), $195,000

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

	FIFO
Ending inventory
cost of goods sold