Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing methoe 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 $47 per unit) Units 300 900 800 300 680 Unit Cost $ 19 e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3, Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO LUFO 17 20

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing methoe 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 $47 per unit) Units 300 900 800 300 680 Unit Cost $ 19 e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3, Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO LUFO 17 20

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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

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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