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 31 500 Transactions Units Unit Cost 2. Inventory. Beginning $ 16 for the year b. Purchase, April 11 800 14 c. Purchase, June 1 700 12 d. Sale, May 1 (old for $44 per unit) 500 e. Sale, July 3 (sold for $44 per unit) 660 1. Operating expensen (excluding income tax expense). $19,500 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 Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 340 units between January 16 and 23. Date Unita Unit Cost Total Cost Beginning Inventory January 1 200 $ 80 $ 16,000 Purchase January 15 500 90 45,000 Purchase January 24 300 110 33,000 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