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Orion Iron Corp:tracks the number of units purhcased and sold throughout each year but appliee its inventory costing method at the end of the year as it uses a periodic inventory system.Assume its accoubt records provided the following information at the end of the annual accounting period. December 31

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_CH 7 Quiz Saved You received no credit for this question in the previous attempt Orion Iron Corp 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 Transactions Units Unit Cost a. Inventory, Beginning 3,000 $24 For the year: b. Purchase, April 11 11.200 22 c. Purchase, June 1 10,200 d.Sale, May 1 (sold for $52 per unit) 3.000 e.Sale, July 3 (sold for 352 per unit) 7.200 F. Operating expenses (excluding income tax expense). $231,000 25 Required: 1. Calculate the number and cost of goods available for sale Number of goods available for sale Cost of goods available for sale 24.400 units 573.400 $ 2. Calculate the number of units in ending inventory gimdy 13.800 units Quiz GlobalView Saved You received no credit for this question in the previous attempt 3. Compute the cost of ending inventory and cost of goods sold under() FiFO and (weighted average cost (Pound Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount) Ending Inventory Cost of Goods Sold FIFO Weighted average 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 Espen and income from Operations (Round Weighted average cost per unit to two decimal places and final answers to the nearest der amount.) ORDON IRON CORP income Statement For the Year Ended December 11 FO Weighted Average Sales revenue Cost of goods sold Grou proti 0 Operating compenses 5 0 Income from operations FIFO Weighted Average Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations 0 0 $ 0 $ 5. Not available in connect 6-a. Which inventory costing method may be preferred by Orion Iron Corp. for income tax purposes? O Weighted average FIFO 6-b. Not available in connect. Prey 5 Mc CE M 0 Type here to search

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