1020

Orion Iron Corp. tracks the number of units purchared and sold throughout each year but applies its iaventory 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. Required: 1. Calculate the number and cost of geeds avaliable for wale. 2. Calculate the aumber of units in cadiag imevaterv. 3. Compate the cost of ending inventery and cost of geods seld uader (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an Inceane Statement that shews the FIFO methed in ane codama, the L.IFO acthed in another column, and the weighted averase method is a final column. Include the following line items is the income statemet: Salas, Cest ef Geods Sold, Gress Frofit, Operatiag Expenses, and Inceme from Operations. under the three methods. Explain the similarities and differences. 6. Which inveatery costiet method minimises iacone tares