i need the answer quickly Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventorycosting method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided thefollowing information at the end of the annual accounting period, December 31.Transactionsa. Inventory, BeginningFor the year:b. Purchase, April 11UnitsUnit Cost350$ 128001085016350640f. Operating expenses (excluding income tax expense), $18,300c. Purchase, June 1d. Sale, May 1 (sold for $40 per unit)e. Sale, July 3 (sold for $40 per unit)Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method.ORION IRON CORPORATIONIncome StatementFor the Year Ended December 31FIFOLIFOWeightedAverageIncome from operations< Required 3Required 6 >

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Description: i need the answer quickly Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventorycosting method at the end of the year, as if it uses a periodic inventory system. Assume its accounting recor

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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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 Units 350 Unit Cost $ 12 800 10 850 16 350 e. Sale, July 3 (sold for $40 per unit) 640 f. Operating expenses (excluding income tax expense), $18,300 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method.

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. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 Units 350 Unit Cost $ 12 800 10 850 16 350 e. Sale, July 3 (sold for $40 per unit) 640 f. Operating expenses (excluding income tax expense), $18,300 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) Prepare an Income Statement that shows under the FIFO method, LIFO method and weighted average method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

i need the answer quickly

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.
Transactions
a. Inventory, Beginning
For the year:
b. Purchase, April 11
Units
Unit Cost
350
$ 12
800
10
850
16
350
640
f. Operating expenses (excluding income tax expense), $18,300
c. Purchase, June 1
d. Sale, May 1 (sold for $40 per unit)
e. Sale, July 3 (sold for $40 per unit)
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 31
FIFO
LIFO
Weighted
Average
Income from operations
< Required 3
Required 6 >

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Step 1: Concept Introduction:

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Step 2: Calculation of number and cost of goods available for sale:

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Step 3: Cost of goods sold and Ending inventory calculation under FIFO Method:

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Step 4: Cost of goods sold and Ending inventory calculation under LIFO Method:

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Step 5: Cost of goods sold and Ending inventory calculation under Average cost Method:

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Step 6: Preparing Income Statements:

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