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 $1$

d$.$ Sale, May $1($sold for $$47$ per unit$)$

e$.$ Sale, July $3($sold for $$47$ per unit$)$

f$.$ Operating expenses $($excluding income tax expense$),$ $$18,700$

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 $Y^3$

Required $4$

Required $5$

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.$)$

$\backslash$table$[[,\backslash$table$[[$Cost of Ending$],[$Inventory$]],\backslash$table$[[$Cost of Goods$],[$Sold$]]],[$FIFO$,,],[$LIFO$,,]]$