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	Units	Unit Cost
a. Inventory, Beginning	250	$ 10
For the year:
b. Purchase, April 11	600	8
c. Purchase, June 1	400	13
d. Sale, May 1 (sold for $42 per unit)	250
e. Sale, July 3 (sold for $42 per unit)	350
f. Operating expenses (excluding income tax expense), $16,100

Required:

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