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.

Transactions

Units

Unit Cost

a. Inventory, Beginning

300

$

12

For the year:

b. Purchase, April 11

900

10

c. Purchase, June 1

800

13

d. Sale, May 1 (sold for $40 per unit)

300

e. Sale, July 3 (sold for $40 per unit)

600

f. Operating expenses (excluding income tax expense), $19,500

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) 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 Inventory. Cost of Goods Sold

FIFO ? ?

LIFO ? ?

Weighted Average Cost. ? ?

4. Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method.

ORION IRON CORP.Income StatementFor the Year Ended December 31

FIFO

LIFO

Weighted Average

Income from operations