Question
Orion iron corp.tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year
Orion iron corp.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 Perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31,2014
transactions ______________________________units______________________________unit cost
a.inventory,December31,2013 _______________3,000 ________________________________$12
For the year 2014:
b.Purchase,April 11 _______________________9,000 _________________________________10
C.Purchase,June 1 _________________________8,000 __________________________________13
d.sale,May1(sold for $40 per unit) ________3,000
e,Sale,July3(sold for $40 per unit) _______6,000
f.Operating expenses(excluding income tax expense),$195,000
1. The number of goods available for sale for the year 2014 is
2. the cost of goods available for sale for the year 2014 is
3. The number of units in Ending Inventory is
4. The cost of ending inventory under FIFO is
5. The cost of goods sold under FIFO is
6. The cost of ending inventory under Weighted Average costing method is (Round to the nearest dollar)
7. The cost of goods sold under Weighted Average costing method is (Round to the nearest dollar)
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