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. Units 300 Unit Cost $12 Transactions a. Inventory, Beginning For the year: 6. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 1. Operating expenses (excluding income tax expense), $19,500 900 800 300 600 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. units Number of Goods Available for Sale Cost of Goods Available for Sale Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at ti end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the e of the annual accounting period, December 31. Units 300 Unit Cost $12 Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 1. Operating expenses (excluding income tax expense), $19,500 900 800 300 600 10 13 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 of units in ending inventory. Ending Inventory units Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method a end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at th of the annual accounting period, December 31. Units 300 Unit Cost $12 Transactions a. Inventory, Beginning For the year: 6. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 1. Operating expenses (excluding income tax expense), $19,500 900 800 300 600 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 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 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. Units 300 Unit Cost $12 10 Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 1. Operating expenses (excluding income tax expense), $19,500 900 800 300 600 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 Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method. ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO L IFO Weighted Average Income from operations
