Orion Iron Corp. tracks the number of units purchased and sold throughout each - 10252

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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, 2009.

 

  

 

 

Transactions

Units

Unit Cost

  .

Inventory, December 31, 2008

3,400

$7      

  For the year 2009:

 

 

  .

Purchase, April 11

10,500

5      

  .

Purchase, June 1

7,100

8      

  .

Sale, May 1 (sold for $43 per unit)

4,100

 

  .

Sale, July 3 (sold for $43 per unit)

5,700

 

  .

Operating expenses (excluding income tax expense), $194,000

 

 


Requirement 1:

Calculate the number and cost of goods available for sale. (Omit the "$" sign in your response.)

Requirement 2:

Calculate the number of units in ending inventory.

Requirement 3:

Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

 

 

 

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