Check my work 6 1 Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31 Transaction Units Unit cost 9. Inventory, reginning 45e For the year Purchase, April 11 980 Purchase. June 1 750 d. Sale, May 1 (sold for $38 per unit) 450 Sale July 3 (sold for per unit) 650 7. Berating expenses (excluding income tax expense). 519,700 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods FIFO LIFO Cost of Ending Intary Cost of Goods Sold