1. Calculate the number and cost of goods available for sale.
2. 2. Calculate the number of units in ending inventory.
3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.
4. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method.
5. 6. Which inventory costing method minimizes income taxes?

Transactions	Units			Unit Cost
a. Inventory, Beginning		350		$	12
For the year:
b. Purchase, April 11		800			10
c. Purchase, June 1		850			16
d. Sale, May 1 (sold for $40 per unit)		350
e. Sale, July 3 (sold for $40 per unit)		640
f. Operating expenses (excluding income tax expense), $18,300

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 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 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, ( not round intermediate calculations. Round your final answers to the nearest de Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an Income Statement that shows under the FIFO method, LIFO method and wei ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income from operations Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Which inventory costing method minimizes income taxes? OFIFO OLIFO Weighted Average