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		450		$	10
For the year:
b. Purchase, April 11		900			8
c. Purchase, June 1		750			18
d. Sale, May 1 (sold for $38 per unit)		450
e. Sale, July 3 (sold for $38 per unit)		680
f. Operating expenses (excluding income tax expense), $19,700

Required:

1. 1. Calculate the number and cost of goods available for sale.
2. 2. Calculate the number of units in ending inventory.
3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.
4. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method.
5. 6. Which inventory costing method minimizes income taxes?

(just need help with 3&4)

Homework Saved 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 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 Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 5 of 8 & English books research o email S DO THIS SOON A Study material M MHE Reader Saved Chapter 7 Homework 5 Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required 3 Required 4 Required 6 2.5 points Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method. eBook ORION IRON CORP. Income Statement For the Year Ended December 31 Hint FIFO LIFO Weighted Average Print References Income from operations Mc Graw Hill Education acctprob1.jpg acctprob1.1.jpg JP o i E Tune here to search