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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 Units 200 Unit Cost $ 12 600 10 450 13 200 400 f. Operating expenses (excluding income tax expense), $16,000 c. Purchase, June 1 d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit) Required: 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 FIFO LIFO