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 $ 12 For the year: b. Purchase, April 11 990 10 c. Purchase, June 1 Bee d. Sale, May 1 (sold for $40 per unit) 300 e. Sale, July 3 (sold for 540 per unit) 600 f. Operating expenses (excluding income tax expense), 519,500 13 Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method. ORION IRON CORPORATION Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from operations