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Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost...

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Accounting

Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]

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

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