E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1 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 Orion Iron Corp's records show the following for the month of January Transactions Units Unit Cost 350 a. Inventory, Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) f. Operating expenses (excluding income tax expense), $18,000 $14 950 700 350 610 12 15 Required Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. & Answer is complete but not entirely correct. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold12,220 $ 136 s 14,580 O $ 131,800