Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale units Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory units Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) FIFO LIFO Weighted Average Cost Cost of Ending Inventory Cost of Goods Sold 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 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 Income from operations Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Which inventory costing method minimizes income taxes? OFIFO OLIFO OWeighted Average