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Orion Iron Corp. tracks the number of units purchased and sold throughout each year but...

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Accounting

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 periodic 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 3,300 $19
For the year:
b. Purchase, April 119,90017
c. Purchase, June 18,80020
d. Sale, May 1(sold for $47 per unit)3,300
e. Sale, July 3(sold for $47 per unit)6,700
f. Operating expenses (excluding income tax expense), $216,000

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