Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing me perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the followin information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $43 per unit) e. Sale, July 3 (sold for $43 per unit) f. Operating expenses (excluding income tax expense), $18,900 Required: Units 400 Unit Cost $ 15 850 13 750 17 400 510 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Answer is not complete. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold $ 12,630 13,870