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Orion Iron Corp. 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. Unit Units Cost 350 $12 Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 800 850 350 640 Required: 1. Calculate the units available for sale and cost of goods available for sale. Units Available for Sale Cost of Goods Available for Sale 2,000 units $ 25,800 2. Calculate the number of units in ending inventory. Ending Inventory 1,010 units 3. Compute the cost of ending inventory and cost of goods sold under (6) FIFO, (6) LIFO, and (weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 4. Prepare an Income Statement that shows the FIFO method, LIFO method and weighted average method. ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO L IFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income (oss) from operations 6. Which inventory costing method minimizes income taxes? FIFO LIFO Weighted Average Cost