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 Cost Units Transactions 400 $18 a. Inventory. Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $46 per unit) e. Sale, July 3 (sold for $46 per unit) f. Operating expenses (excluding income tax expense), $19.100 800 700 400 530 10 19 Required: 1, Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units 3. Compute the cost of ending inventory and cost of goods sold under (a) FlIFO. (b) LIFO, and (c) weighted average cost (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Averape Cos 3. 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.) Costof Ending Cost ooE Goods Inventory Spld FIFO LIFO Weighted Average Cost 4. Prepare an Income Statement that shows the FIFO method, LIFO method and weighted average method. ORION IRON CORP Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO Income (loss) from operations 6. Which inventory costing method minimizes income taxes? OFIFO O LIFO Weghted Average Cost