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 Requirement : Calculate the cost of ending inventory and the cost of goods sold using the FIFO method. Please show all your workings.