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 350 $ 14 For the year: b. Purchase, April 11 950 12 c. Purchase, June 1 700 15 d. Sale, May 1 (sold for $42 per unit) 350 e. Sale, July 3 (sold for $42 per unit) 610 f. Operating expenses (excluding income tax expense), $18,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes
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You have $5,300 to deposit. regency bank offers 6 percent per year compounded monthly (.5 percent per month), while king bank offers 6 percent but will only compounded annually. how much will your investment be worth in 17 years at each bank
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Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its...
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