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.
transactionsunitsunit cost
a. inventory, beginning300$ 12
for the year:
b. purchase, april 1190010
c. purchase, june 180013
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
calculate the cost of ending inventory and the cost of goods sold using the fifo and lifo methods.
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