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In: Accounting

Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies...

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 Unit Cost
a. Inventory, Beginning 300 $ 12
For the year:
b. Purchase, April 11 900 10
c. Purchase, June 1 800 13
d. Sale, May 1 (sold for $40 per unit) 300
e. Sale, July 3 (sold for $40 per unit) 600
f. Operating expenses (excluding income tax expense), $19,500

  

Required:

Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method.​​​​​​​

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ekkarill92 answered 11 months ago
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