Orion Iron Corporation 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 a. Inventory, Beginning For the year: 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), $18,500 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending Inventory. Units 200 Unit Cost $ 12 950 9 850 13 200 700 3. Compute the cost of ending Inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.

Orion Iron Corporation 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 a. Inventory, Beginning For the year: 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), $18,500 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending Inventory. Units 200 Unit Cost $ 12 950 9 850 13 200 700 3. Compute the cost of ending Inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.

Name: Orion Iron Corporation tracks the number of units purchased and sold
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Description: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its Inventory costing methodat the end of the year, as if it uses a periodic Inventory system. Assume its accounting records provided the following

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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