40 4 points Sipped ebook References Orion Iron Corporation tracks the number of units purchased and...

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40 4 points Sipped ebook References Orion Iron Corporation 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 a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, Hay 1 (sold for $43 per unit) e. Sale, July 3 (sold for $43 per unit) f. Operating expenses (excluding income tax expense), $18,900 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory, Units 400 Unit Cost $15 850 750 17 400 510 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Ou not round Intermediate calculations, Round your final answers to the nearest dollar amount.) FIFO LIFO Weighted Average Cost Cost of Ending Inventory Costul Goods Sold 40 4 points Sipped ebook References Orion Iron Corporation 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 a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, Hay 1 (sold for $43 per unit) e. Sale, July 3 (sold for $43 per unit) f. Operating expenses (excluding income tax expense), $18,900 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory, Units 400 Unit Cost $15 850 750 17 400 510 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Ou not round Intermediate calculations, Round your final answers to the nearest dollar amount.) FIFO LIFO Weighted Average Cost Cost of Ending Inventory Costul Goods Sold