dOrion Iron Corp. 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. a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d.Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f.Operating expenses (excluding income tax expense), $198,000 Required: 1. Calculate the number and cost of goods available for sale. Number of goods available for sale Cost of goods available for sale Transactions Ending inventory 2. Calculate the number of units in ending inventory. units units Units 3,000 9,100 8,100 3,000 6,100 Unit Cost $13 11 14

3. Compute the cont of eoding kivertoty and cost of goods sold unded (A) FiFO and (C) wielgnted a 4. Prepare an income staticnent that shows amounts for the FFo method in onecolumn and for the weighted ayerage method in another column. kichade the foilowing hine items in the income statement Siales. Cost of Goods Sold, Gross. Profit, Operating Expenses. and Income fom Operations. (Round Welghted overege cost per unit to two declmal placks and final answers to the neareat dollas amount.) 5. This part of the cuestion is not part of your Connect assignrsent, 6-a. Which inveritay costing method may be preferred by Otion iron Corp for income tax purposes? FIFO Whightest averaget Orion von Corp. Iracks the number of unes purehaend and sold thraughout eoch year but applies its inverntory costing method at the of the annual keceuotiog period, December il Bequired: 1. Calcidate the numbet and cost of poods avaloble for sale. 2. Calculate the number of units in ending inventory