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 And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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