E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO (LO 7-S1) ols Orion Iron Corp. 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 Units 300 Unit Cost $10 Transactions . Inventory, Beginning For the year b. Purchase, April 11 Purchase, June di Sale, May 1 (sold for 538 per unit) Sale, July ) (sold for $38 per unit) 1. Operating expenses (excluding income tax expense), $19,300 8 11 700 600 300 550 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. 1 FIFO LIFO Cost of Ending Inventory Cost of Goods Sold