E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
ips%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts%25 eWeber SLCC Google Translate Paraphrasing Tool |.. S Shahid Anime Make Images, Vide... Desmos | Graphing... (4) Jah Khalib - Men... Sony Crackle - Wat. Homework Chot 7 Saved Help Sa 3 Orion 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. 2.5 points Unit Transactions a. Inventory, Beginning Units Cost Skipped 500 $10 For the year: b. Purchase, April 11 800 8 c. Purchase, June 1 700 12 d. Sale, May 1 (sold for $38 per unit) 500 Book e. Sale, July 3 (sold for $38 per unit) 520 . Operating expenses (excluding income tax expense), $19,000 References 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 Required 4 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale 2,000 units Cost of Goods Available for Sale $ 30 Homework Chot 7 i Saved 3 Orion 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. 2.5 points Unit Transactions Units a. Inventory, Beginning Cost Skipped 500 $10 For the year: b. Purchase, April 11 c. Purchase, June 1 800 8 700 12 d. Sale, May 1 (sold for $38 per unit) 500 eBook e. Sale, July 3 (sold for $38 per unit) 520 f. Operating expenses (excluding income tax expense), $19,000 References 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 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory 980 units Required 1 Required 3 >3 Orion 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. Unit 2.5 Transactions Units Cost points a. Inventory, Beginning 500 $10 For the year: Skipped b. Purchase, April 11 800 c. Purchase, June 1 8 700 12 d. Sale, May 1 (sold for $38 per unit) 500 e. Sale, July 3 (sold for $38 per unit) 520 f. Operating expenses (excluding income tax expense), $19,000 eBook Required: References 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 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Costpoints 1. Calculate the number and cost of goods available for sale. Skipped 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? eBook Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method. ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income from operations Required 3 Required 6 > Mc Graw Hill Education Type here to search O CHomework Chot 7 i Saved 3 b. Purchase, April 11 c. Purchase, June 1 800 d. Sale, May 1 (sold for $38 per unit) 700 00 12 e. Sale, July 3 (sold for $38 per unit) 500 520 f. Operating expenses (excluding income tax expense), $19,000 2.5 points Required: Skipped 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. eBook 6. Which inventory costing method minimizes income taxes? References 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
