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

Required $1$

Required $2$

Required $3$

Calculate the number of units in ending inventory. 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.

Compute the cost of ending inventory and cost of goods sold under $($a$)$ FIFO and $($b$)$ LIFO. $($Do not round intermediate

calculations. Round your final answers to the nearest dollar amount.$)$ b$.$ Purchase, April $11$

c$.$ Purchase, June $1$

$800$

$13$

d$.$ Sale, May $1($sold for $$43$ per unit$)$

e$.$ Sale, July $3($sold for $$43$ per unit$)$

$700$

$16$

f$.$ Operating expenses $($excluding income tax expense$),$ $$19,400$

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.

Required $1$

Required $2$

Required $3$

Required $4$

Required $5$

Prepare an Income Statement that shows under the FIFO method and LIFO method.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.

Required $2$

Required $3$

Required $4$

Required $5$

Which inventory costing method minimizes income taxes?

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.

Required $1$

Required $2$

Required $3$

Required $4$

Required $5$

Calculate the number and cost of goods available for sale.