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Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the

Orion Iron Corporation 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.
Required:
Calculate the number and cost of goods available for sale.
Calculate the number of units in ending inventory.
Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO
Prepare an income statement that shows under the FIFO method and LIFO method
Which inventory costing method minimizes income taxes?
Complete this question by entering your answers in the tabs below.
Calculate the number and cost of goods available for sale.
Number of Goods Available for Sale
units
Cost of Goods Available for Sale
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