E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method accounting records provided the following information at the end of the annual accounting period, December 31 the end of the year, as if it uses periodic inventory system. Assume its Unit Transactions Units Cost For the beginning b. Purchase, April 11 c. Purchase, June 1 $14 300 850 12 750 15 (scid for $42 per unit , . 540
f. Operating expenses (excluding income tax expense), $19,200 1. Calculate the number and cost of goods available for sale. 1.900 units Number of Goods Available for Sale $25.650 Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory. Ending Inventory 1,060 units 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Cost of Goods Inventory Sold 14,970$ 10,680 FIFO S LIFO Weighted Average Cost S 14,310 11,340 4. Prepare an Income Statement that shows the FIFO method, LIFO method, and weighted average method. ORION IRON CORP Income Statement For the Year Ended December 31 Weighted Average FIFO LIFC Income (loss) from operations. Get Accounting homework help today
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