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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $46 per unit) e. Sale, July 3 (sold for $46 per unit) f. Operating expenses (excluding income tax expense), $19,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 400 $ 18 800 10 700 19 400 530 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? Required 1 Required 2 Required 3 Required 4 Required 6 s Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) round intermediate calculations. Round your final answers to the nearest dollar a Cost of Ending Cost of Goods Inventory Sold FIFO LIFO $ 12,900 $ 15,600 Weighted Average Cost < Required 2 Required 4 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 weight ORION IRON CORPORATION Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income from operations < Required 3 Required 6 > Complete this question by entering your answers in the Print ferences Required 1 Required 2 Required 3 Required 4 Required 6 Which inventory costing method minimizes income taxes? OFIFO OLIFO OWeighted Average