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E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of Periodic FiFO, LIFO, and Weighted Average Cost [LO 7.3] Orion iron Coeporation tracks the number of unts purchased and sold throughout each year but applies its inwentory costing method at the end of the year, as if It uses a periodic inventory system. Assume its accounting records provided the following inform toton at the end of the annual accounting period, Decernber 31, Requirect: 1. Calculate the number and cost of goods availsble for sale. 2. Calculate the number of units in ending inventory. 3. Compote the cost of ending inventory end cost of goods sold under (a) FFF, (b) UFO. and (c) weighted average cost. 4. Prepore an income statement that shows under the FIFO method LIFO method and weighted wersoe method. 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs belew. Orion roo Corpocation uacks the number of units purchased and soid trvoughout esth year out ecolies his imwertory covting - ethed the end of the annusi accosnting periad, Decentser 31. Required: 1. Calcilate the number and cost of goods ividabie for sate. 2. Calculate the number of units in eeding imentary. 4. Prepare an income statement thet shows under the Fifo method, ufo method and wighties arerege method. 6. Which imentory costing method minimizes income Gawes? Complete this question by entering your anwwers in the tabs below. the esd of the onvin testountiva ceniot December it Aeculed: 1. Calcuiate the number atd cot od gooss walidele for saie 2. Cucilate the funber of ueits in ending invemory. Compiate this eviestion by enterieg your animers is the tabs beiew