E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO (LO 7-S1) Orion Iron Corp. 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 ifit uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $10 Units Transactions . Inventory, Beginning For the yeari b. Purchase, Aeril 11 c. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e Sale, July ) (sold for $38 per unit) 1. Operating espenses (excluding incone tax expense), $19,J00 300 700 600 11 300 550 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending imventory Cost of Goods Sold

E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO (LO 7-S1) Orion Iron Corp. 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 ifit uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $10 Units Transactions . Inventory, Beginning For the yeari b. Purchase, Aeril 11 c. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e Sale, July ) (sold for $38 per unit) 1. Operating espenses (excluding incone tax expense), $19,J00 300 700 600 11 300 550 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending imventory Cost of Goods Sold

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Description: E7-16 (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under PerpetualFIFO and LIFO (LO 7-51)Orlon Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing methodolspe

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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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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $47 per unit) e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: Units 300 Unit Cost $ 19 900 17 800 20 300 680 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 19,740 Cost of Goods Sold $ 17,260 $ 18,700
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