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 Units Cost 300 $10 700 Transactions a. Inventory, Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e Sale, July 3 (sold for $38 per unit) f. Operating expenses (excluding income tax expense), $19,300 8 11 600 300 550 Required: 1. Calculate the number and cost of goods available for sale units Number of Goods Available for Sale 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, (5) 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 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 FIFO LIFO Weighted Average Income (loss) from operations 6. Which inventory costing method minimizes income taxes? FIFO LIFO Weighted Average Cost