site Onon Iron Corp tracks the number of units purchased and sold throughout each year but a s entory costing end of the year as if it uses a periodic inventory system Assumes account ng records provided the on of the annual accounting period, December 31 e 288 S12 680 18 Transactions a. Inventory. Beginning For the year: b. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for 545 per unit) e. Sale, July 3 (sold for $45 per unit) f Operating expenses (excluding income tax expense) $16,000 Required: W a vese 1. Calculate the number and cost of goods avalable 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 FFODILFO 4. Prepare an income statement that shows under the FIFO method LIFO hoc c 6. Which inventory cost ng method minimizes ncome taxes? 0