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		300		$	10
For the year:
b. Purchase, April 11		700			8
c. Purchase, June 1		600			11
d. Sale, May 1 (sold for $38 per unit)		300
e. Sale, July 3 (sold for $38 per unit)		550
f. Operating expenses (excluding income tax expense), $19,300

Required:

3. Compute the cost of ending inventory and cost of goods sold under (b) LIFO, and (c) weighted average cost.

4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method.