5 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO...

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5 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) weighted average cost. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount.) Ending Cost of inventory goods sold FIFO $ 134,000 $ 96,000 Weighted average $ 126,500 $ 103,500 4. Prepare an income statement that shows amounts for the FIFO method in one column and for the weighted average method in another column. Include the following line items in the income statement: Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, and Income from Operations. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount.) ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO Weighted Average Sales revenue Cost of goods sold Gross profit 0 0 Operating expenses Income from operations $ 0 $ 0 5 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) weighted average cost. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount.) Ending Cost of inventory goods sold FIFO $ 134,000 $ 96,000 Weighted average $ 126,500 $ 103,500 4. Prepare an income statement that shows amounts for the FIFO method in one column and for the weighted average method in another column. Include the following line items in the income statement: Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, and Income from Operations. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount.) ORION IRON CORP. Income Statement For the Year Ended December 31 FIFO Weighted Average Sales revenue Cost of goods sold Gross profit 0 0 Operating expenses Income from operations $ 0 $ 0