Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing me at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information the end of the annual accounting period, December 31. Required: 1. Calculate the number and cost of goods avallable 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. 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.) the end of the annual accounting period, December 31. 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 a 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average m 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method