Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January Sales totaled 300 units. Beginning Inventory Units 140 310 Unit Cost $ 30 Date January 1 January 15 January 24 Purchase Total Cost $ 11,200 27,900 22,000 90 Purchase 200 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO. (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Orion Iron Corporation 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. Transactions a. Inventory, Beginning Units 200 Unit Cost $ 12 For the year b. Purchase, April 11 600 10 c. Purchase, June 11 13 450 200 d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit) 400 f. Operating expenses (excluding income tax expense), $16,000 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 (e) 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? Required information The following information applies to the questions displayed below FindMe Incorporated, (F) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to ema signal using a smartphone app. Fl sells these tags, as well as water-resistant cases for the tags with terms FOB shipping point. Assume Fl has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. Fl uses FIFO and has entered into the following transactions January 2 purchased and received 200 tags from Kicas Manufacturing (XH) at a cost of $11 per tag. /15. January purchased and received 10 cases from Bachittar Products (P) at a cost of $3 per case, /20. January 6F1 paid cash for the tags purchased from on January 2. January Fed 10 tags via the v.5. Postal Service (USPS) to customers at price of $34 per tag, on account. January 15 tag / PURCH hased January 14 January 16 January 19 led to cases in the USPS to customers at a price of $13 per case, on account. January 21 1 salled 200 tags to customers at price of $54 per tag, on account. and received 100 cases from BP at a cost of $4 per case, ni pale is for the cases purchased from on January 4. Required: 1. Prepare journal entries for each of the above dates, assuming Fl uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > 2 2