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 $300$ $ $14$

For the year:

b$.$ Purchase, April $1195012$

c$.$ Purchase, June $185015$

d$.$ Sale, May $1($sold for $$42$ per unit$)300$

e$.$ Sale, July $3($sold for $$42$ per unit$)630$

f$.$ Operating expenses $($excluding income tax expense$),$ $$18,200$

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?