E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3 Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applios 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. Unit Units Cost 300 $14 a. Inventory, Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) . Operating expenses (excluding income tax expense), $18,200 950 12 850 15 300 830 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale 2,100 units Cost of Goods Available for Sale s 28.350 2. Calculate the number of units in ending inventory 1.170 units 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and () weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Cost of Sold FIFO LIFO Weighted Average Cost