Need help with this accounting question ASAP! Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the end of theannual accounting perlod, December 31, the accounting records provided the following information:TransactionsUnitsUnit Cost3,000$12For the year:9,0008,8003,0006,00010b. Purchase, April 11c. Purchase, June 1d.Sale, May 1 (sold for $40 per unit)e.Sale, July 3 (sold for $40 per unit)F.Operating expenses (excluding income tax expense), $195,e0013Required:Calculate the cost of ending Inventory and the cost of goods sold using the FIFO method.FIFOEnding inventoryCost of goods sold

Solution: Ending units = 3000 +9000 + 8000 - 3000- 6000 = 11000 units Ending inventory using FIFO =…

Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the end annual accounting perlod, December 31, the accounting records provided the following Information: Transactions Units Unit Cost 3, е $12 a. Inventory, Beginning For the year: 9,000 10 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $195,e00 13 8,000 3,000 6, 000

Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the end annual accounting perlod, December 31, the accounting records provided the following Information: Transactions Units Unit Cost 3, е $12 a. Inventory, Beginning For the year: 9,000 10 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $195,e00 13 8,000 3,000 6, 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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