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 Coat 250 $10 Transactions a. Inventory, Beginning For the years b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) f. Operating expenses (excluding income tax expense), $16,100 8 13 600 400 250 350 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 (0) 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 1.250 units 10.500 $ 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 Unita Cost 250 $10 Transactions a. Taventory, leginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for 342 per unit) e. Sale, July 3 (sold for $42 per unit) 1. Operating expenses (excluding income tax expense), $16.100 8 23 600 400 250 350 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. (5) 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 650 units Roc Unit Cost $10 250 Transactions a. Inventory, Beginning For the year b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (old for $42 per unit) f. Operating expenses (excluding income tax expense), 516,100 8 13 600 400 250 350 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 (0) FIFO. (D) 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 () FIFO, () 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 8,450 $ 7,050 $ 7.700 $ 4,800 Weighted Average Cost $ LIFO 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 LIFO Weighted Average Income from operations 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 Which inventory costing method minimizes income taxes? OFIFO OLIFO Weighted Average