Business, 19.03.2021 18:00 DaisyHargrove23
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.
Transactions Units Units Cost
a. Inventory, Beginning For the year 300 $19
b. Purchase, April 11 900 17
c. Purchase, June 1 800 20
d Sale, May 1 (sold for $47 per unit) 300
e. Sale, July 3 (sold for $47 per unit) 680
f. Operating expenses (excluding income tax expense), $18,700
Required:
1. Calculate the number and cost of goods available for sale.
2. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.
3. Prepare an Income Statement that shows the FIFO method, LIFO method, and weighted average method.
Answers: 1
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Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its...
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