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.

Expert Solution

ekkarill92 answered 1 year ago

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 $ 14 For the year: b. Purchase, April 11 950 12 c. Purchase, June 1 850 15 d. Sale, May...

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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 units $ 12 unit cost For the year: b. Purchase, April 11 900 Units 10 unit cost c. Purchase, June...

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 $ 19 For the year: b. Purchase, April 11 900 17 c. Purchase, June 1 800 20 d. Sale, May...

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 400 $ 15 For the year: b. Purchase, April 11 850 13 c. Purchase, June 1 750 17 d. Sale,...

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 $ 13 For the year: b. Purchase, April 11 900 11 c. Purchase, June 1 800 14 d. Sale, May...

Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its...

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Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its...

Scoresby Inc. 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 4,000 $ 20 For the year: b. Purchase, March 5 10,000 21 c. Purchase, September 19 6,000 23 d. Sale, April...

Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its...

Scoresby Inc. 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 4,000 $ 14 For the year: b. Purchase, March 5 10,000 15 c. Purchase, September 19 6,000 17 d. Sale, April...

Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its...

Scoresby Inc. 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 1,500 $ 30 For the year: b. Purchase, March 5 7,500 31 c. Purchase, September 19 3,500 33 d. Sale, April 15...

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

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