I got everything correct, but number 4 (Income statement). Please help me answer

Question

I got everything correct, but number 4 (Income statement). Please help me answer it correctly! 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 Unit Transactions Units Cost 200 $12 a. Inventory, Beginning For the year b. Purchase, April 11 c Purchase, June 1 d Sale, May 1 (sold for $45 per unit) e Sale, July 3 (sold for $45 per unit) t Operating expenses (excluding income tax expense) $16 000 600 10 450 13 200 400 Required: 1. Calculate the number and cost of goods available for sale Answer is complete and correct. Number of Goods Available for1250units Sale Cost of Goods Available for Sale 14 250

Explanation / Answer

Prepare income statement :

FIFO LIFO Weighted average Sales revenue 27000 27000 27000 Cost of goods sold 6400 7350 6840 Gross profit 20600 19650 20160 Operating expense 16000 16000 16000 Income (loss) From operation 4600 3650 4160

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