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. a. Inventory, Beginning For the year: Transactions b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $54 per unit) e. Sale, July 3 (sold for $54 per unit) f. Operating expenses (excluding income tax expense), $237,000 Required: 1. Calculate the number and cost of goods available for sale. Number of goods available for sale Cost of goods available for sale units 2. Calculate the number of units in ending inventory. Units 3,000 10,900 9,900 3,000 7,400 Unit Cost $26 24 27

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. a. Inventory, Beginning For the year: Transactions b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $54 per unit) e. Sale, July 3 (sold for $54 per unit) f. Operating expenses (excluding income tax expense), $237,000 Required: 1. Calculate the number and cost of goods available for sale. Number of goods available for sale Cost of goods available for sale units 2. Calculate the number of units in ending inventory. Units 3,000 10,900 9,900 3,000 7,400 Unit Cost $26 24 27

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Description: Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at theend of the year as if it uses a periodic inventory system. Assume its accounting records provided the following inform

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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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units Unit Cost 120 $ 85 Total Cost $ 10,200 380 95 January 24 200 115 36,100 23,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted…
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