Orion Iron Corp. tracks the number of units purchased and sold throughout each year but...
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Accounting
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. Units Cost 250 $10 Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit) f Operating expenses (excluding income tax expense), $18,800 600 12 400 12 250 350 Required: 1. Calculate the number and cost of goods available for sale. Answer is complete and correct. Number of Goods Available for Sale Cost of Goods Available for Sale 1,250units 14,500 2. Calculate the number of units in ending inventory. Answer is complete and correct. ing nventory 650 units
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