Question: Need to know if correct and help in blank columns. Orion Iron Corp. tracks the number of units purchased and sold throughout each year but

Need to know if correct and help in blank columns. Corp. tracks the number of units purchased and sold throughout each year

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 Unit Transactions Units Cost 350 $12 a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 10 800 850 350 640 Required 1. Calculate the number and cost of goods available for sale 2,000 units $25,800 Number of Goods Available for Sale Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Invento 1,010 units

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Help Save A 5 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...

could someone help me answer this 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...

E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] ips%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts%25...

The number is 900 Chapter 7 Homework Su.ed Help Save & Exit Submit Check my work 1 Orion Iron Corp, tracks the number of units purchased and sold throughout each year but applies its inventory...

ORION IRON CORP. Income Statement For the Year Ended December 31 Weighted FIFO Average Sales revenue 0 0 Cost of goods sold Gross profit Operating expenses Income from operations $ 0 $ 0 5. This part...

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...

Referring to the contingency table in Problem 4.8, if an employed adult is selected at random, what is the probability that a. The employed adult felt tense or stressed out at work? b. The employed...

Estimate the probability that a beetle exposed to a dose of 0.5 units of the insecticide will not survive. dose exposed killed -1,523 59 -1.026 60 13 -0.567 62 18 -0.137 56 28 0.265 63 52 0.644 59 53...

Any reimbursement a taxpayer receives from a medical or accident insurance policy for medical expenses paid by the taxpayer during the current year are ( taxable / nontaxable ) for the taxpayer.

An expopriate strategy when an organization has excess production capacity is maket avelopment: q , True False

=+10. Show what makes the brand unique. What separates it from its competitors? Faster service? Newer technology? Better integration between mobile and nonmobile devices?

=+11. Decide which one of 50 strategies you want to use. Start by selecting from the six main categories (see chapter 2):

=+What do they value? Does the brand share any core values with the audience?