700 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 Units Unit Cost a. Inventory, Beginning 350 $ 14 For the year b. Purchase, April 11 950 12 c. Purchase, June 1 16 d. Sale, May 1 (sold for $42 per unit) 350 e. Sale, July 3 (sold for $42 per unit) 670 f. Operating expenses (excluding income tax expense), $19,600 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, (D) 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 () FIFO (6) UFO, and (c) weighted average cost. (Do not round Intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Cost of Ending Goods Inventory Sold FIFO 11,560 15,940 LIFO $ 7,060 $ 20.440 Weighted Average Cost $ 9,310 14,382 $ 950 700 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 Units Unit Cost 4. Inventory, Beginning 350 $ 14 For the year: b. Purchase, April 11 12 c. Purchase, June 1 16 d. Sale, May 1 (sold for $42 per unit) 350 e. Sale, July 3 (sold for $42 per unit) 670 1. Operating expenses (excluding income tax expense), $19,600 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Requirds Required 6 Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method. ORION IRON CORPORATION Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Sales Revenue $ 42,840$ 42,840 $ 42,840 Cost of Goods Sold 15,940 20,440 14,382 3 Gross Profit 26,900 X 22.400 3 28,458 X Operating Expenses 19,600 19,600 19,600 O