E$7-8($Algo$)$ Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost $[$LO $7-3]$

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 $31.$

$\backslash$table$[[$Transactions$,$Units,Unit Cost$],[$a$.$ Inventory, Beginning,$450,$$$10$