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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit) f. Operating expenses (excluding income tax expense), $16,000 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 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 4 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Required 6 Units 200 units 600 450 200 400 Unit Cost $12 10 13

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 avera 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average metho 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 co round intermediate calculations. Round your final answers to the nearest dollar amount.) Complete this question by entering your answers in the tabs below. Prepare an Income Statement that shows under the FIFO method, UFO method and weighted average method. 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 average 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. Which inventory costing method minimizes income taxes? 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 average c 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. 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: 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) FFO, (o) LFO, and (c) welghted 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. Caiculate the number and cost of goods available for sale