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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 Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing methoc 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. 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 (o) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, UFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Calculate the number and cost of goods available for sale. Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory cos at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following info the end of the annual accounting period, December 31. 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. Calculate the number of units in ending inventory. s purchased and sold throughout each year but applies its inve the end of the annual accounting a periodic inventory system. Assume its accounting records provided the follo the end of the annual accounting period, December 31. 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 avera 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average metho 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LFO, and (c) weighted average cost round intermediate calculations. Round your final answers to the nearest dollar amount.) 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. Prepare an Income Statement that shows under the FIFO method, LFO method and weighted average method. Required: 1. Caiculate 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. Which inventory costing method minimizes income taxes

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