Assume Orion Iron applies its inventory costing method perpetually at the time of each sale....
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Accounting
Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information:
| Transactions | Units | Unit Cost | |
| a. | Inventory, Beginning | 3,000 | $12 |
| For the year: | |||
| b. | Purchase, April 11 | 9,000 | 10 |
| c. | Purchase, June 1 | 8,000 | 13 |
| d. | Sale, May 1 (sold for $40 per unit) | 3,000 | |
| e. | Sale, July 3 (sold for $40 per unit) | 6,000 | |
| f. | Operating expenses (excluding income tax expense), $195,000 | ||
Calculate the cost of ending inventory and the cost of goods sold using the FIFO method.
| FIFO | |
| Ending inventory | |
| cost of goods sold |
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