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all of these are in one question, how do you solve this ? 200 Onion Iron Corporation tracks the number of units purchased and sold
all of these are in one question, how do you solve this ?
200 Onion 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 it it uses a periode inventory system Assume its accounting records provided the following information the end of the annual accounting period December 31 Transactions 3. Inventory, Beginning 200 512 For the year b. Purchase, April 11 10 c. Purchase, June 1 450 d. Sale, May 1 (sold for $45 per unit) e Sale, July 3 (sold for 545 per unit) 400 f. Operating expenses (excluding income tax expense), 516,000 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 (FIFO (DJLIFO, and o 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 an Assessment Tool Frame Required Required ured Required 2 Required und Calculate the number and cost of goods available for sale Number of Goods Avalable for Sale Cost of Goods Avatatile for sale Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory, Ending Inventory units 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, UFO, and (c) weighted average cost 4. Prepare an income statement that shows under the FIFO method, UFO method and weighted average method 6. Which inventory costing method minimtes income taxes? Complete this question by entering your answers in the tabs below. Required Hered2 red required Required Compute the cost of ending inventory and cost of goods sold under() Firo, (1) uro, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Inventory Cost of Goods Sald FIFO ILIFO 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 Required 2 Required 3 Required 4 Required 6 Prepare an Income Statement that shows under the firo method, LFO method and weighted average method. ORION IRON CORPORATION Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income from operations Required 6 > Step by Step Solution
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