CH 7 HW Help Save & Orion Iron Corp, tracks the number of units purchased and sold throughout each year but applies its inventory costing meth perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the fol information at the end of the annual accounting period, December 31 a. Inventory, Beginning for the year: b. Purchase, April 11 e.Purchase, June 1 d. Sale, May 1 (sold for $43 per unit) e. Sale, July 3 (sold for $43 per unit) t. Operating expenses (excluding incone tax expense) $18,400 400 $15 850 750 400 650 14 18 esRequired: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold