What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?

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), $18,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 400 Unit Cost $ 12 850 10 750 14 400 670 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…

Compute the average days in inventory rounded to the nearest whole day based on the following data: Sales revenue                 $275,000 Cost of goods sold            100,000 Beginning inventory            35,000 Ending inventory                 45,000

A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000.  The cost of goods sold must have been: a                      $100,000. b                      $105,000 c                      $110,000. d                      some other amount.