E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Welghted Average Cost [LO 7-3] Orion iron Corporation tracks the number of unis purchased and sold throughout each year but applies its inventory costing method it the end of the year, as if it uses a periodic imventory system. Assume its accounting records provided the folowing information at the end of the annual accounting poriod, December 31 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) FFF, (D) 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. Calculate the number and cost of goods avaliable for sale. E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Welghted Average Cost [LO 7.3] Orion iron Corporation tracks the number of units purehased and sold throughout each year but applies its imveatory costing method ot the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the follewing intormatian at. the end of the annual accounting period, December 31 . required; 1. Caiculate the number and cost of goods available for sale. 2. Calculate the number of un its in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) UFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FFO method, LIFO method and weighted awerage method. 5. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Ealculate the number of units in ending inventory. Required: 1. Calculate the number and cost of goods avaliable for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (o) FIFO. (b) UFO, 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. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LFO, and (c) weighted average cost. (Do not round intermediate caiculations. Round your final answers to the nearest doilar amount.) 1. Caiculete 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 FFFO 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. Prepare an income statement that shows under the FIFO method, UFO method and weighted average method
