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	Units	Unit Cost
a. Inventory, Beginning	300	$ 12
For the year:
b. Purchase, April 11	900	10
c. Purchase, June 1	800	13
d. Sale, May 1 (sold for $40 per unit)	300
e. Sale, July 3 (sold for $40 per unit)	600
f. Operating expenses (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.