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 500 $16 Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for $44 per unit) e. Sale, July 3 (sold for $44 per unit) f. Operating expenses (excluding income tax expense), $19,500 14 17 800 700 500 660 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 (a) 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale 2,000 units 31,100 $ Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory 840 units 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 round intermediate calculations. Round your final answers to the nearest dollar FIFO LIFO Weighted Average Cost Cost of Ending Cost of Goods Inventory Sold $ 13,860 $ 17,240 $ 12,760 Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an Income Statement that shows under the FIFO method, LIFO method an ORION IRON CORP Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income from operations Required 1 Required 2 Required 3 Required 4 Required 6 Which inventory costing method minimizes income taxes? OFIFO OLIFO Weighted Average