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 500 Unit Cost $10 Transactions a. Inventory. Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e. Sale, July 3 (sold for $38 per unit) 1. Operating expenses (excluding income tax expense). $19,000 8 12 800 200 500 520 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 2.000 units Cost of Goods Available for Sale S 119.800 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 980 units 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 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 Which inventory costing method minimizes income taxes? FIFO OLIFO Weighted Average Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 1,500 Unit Cost $ 60 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) Purchase, May 1 Sale, August 31 (100 each 72 2,600 (3,150 1,300 (1.600) 90 Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a Last-In, first-out b. Weighted average cost First-in, first-out d Specific identification