Unita 600 12 Check my work 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 Tractions Unit Cort a. Inventory, Beginning 250 $ 10 Yor the years b. Purchase, April 11 c. Purchase, June 1 12 d. Sale, May 1 (old for $45 per unit) Sale, July (sold for $45 per unit) 1. Operating expenses (excluding income tax expense $10,000 Required: 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 (0) 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? 400 250 350 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Required Calculate the number and cost of goods available for sale, Number of Goods Available for Sale Units Cost of Goods Available for Sale mework Saved Help Save & E 400 12 Chei 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 Unita Unit cost a. Inventory. Beginning 250 $ 10 For the years b. Purchase, April 11 600 12 c. Purchase, June 1 d. Sale, May 1 (sold for $45 per unit) 250 .. Sale, July 3 (sold for $45 per unit) 350 f. Operating expenses (excluding income tax expense), $18,800 Required: 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 (0) 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 of units in ending Inventory Ending Inventory units Rewired Required mework 6 Saved Help Save & Exit Submit Check my work 600 Transaction Unit Un cost 4. Inventory. Beginning 250 310 Yor the year b. Purchase, April 11 12 c. Purchase, June 1 400 12 d. Sale, May 1 (old for 145 per unit) 250 e sale. July (sold for $45 per unit) 350 Operating expenses (welding tax expense), $10,000 Required: 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() FIFO, () LIFO, and (c) weighted average cost 4. Prepare an income statement that shows under the FIFO method, LIFO method and welghted average method. 6. Which inventory costing method minimizes Income taxes? Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 6 Compute the cost of ending Inventory and cost of goods sold under() FIFO, () LIFO, and (c) weighted average cost. Do not round intermediate calculations. Round your final answers to the nearest dollar amount Cost of Ending Inventory Cost of Goods Sold FO CIFO Weighted Axuage Cou Required: 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 Help Unita 250 600 400 250 350 12 12 Transactions Unit Cost a. Inventory, Beginning $10 Yor the year b. Purchase, April 11 c. Purchase, June d. Sale, May 1 (sold for $45 per unit) e. Sale, July 3 (sold for $45 per unit) 1. Operating expenses (excluding income tax expense), $18,800 Required: 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 (@) FIFO, (O) 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 Which inventory costing method minimizes Income taxes? OFFO OLIFO Weighted Average Required 4
