ework Assignment i E7-8 (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 meth at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information a the end of the annual accounting period, December 31. Transactions. a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 11 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) f. Operating expenses (excluding income tax expense), $16,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 250 Unit Cost $ 10 600 8 400 13 250 350 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 3 Required 2 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 311 FIFO LIFO Weighted Average Income from operations