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
a. Inventory, Beginning		200		$	12
For the year:
b. Purchase, April 11		950			9
c. Purchase, June 1		850			13
d. Sale, May 1 (sold for $40 per unit)		200
e. Sale, July 3 (sold for $40 per unit)		700
f. Operating expenses (excluding income tax expense), $18,500

Required:

Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.

	FIFO	LIFO
Cost of Ending Inventory
Cost of Goods Sold