Question
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic 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 250 Unit Cost $10 600 12 400 12 250 350 f. Operating expenses (excluding income tax expense), $18,800 e. Purchase, June 1 d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit)
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