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 400 $ 15 for the year: b. purchase, april 11 850 14 c. purchase, june 1 750 18 d. sale, may 1 (sold for $43 per unit) 400 e. sale, july 3 (sold for $43 per unit) 650 f. operating expenses (excluding income tax expense), $18,400

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.

5. which inventory costing method minimizes income taxes?

2. the external environment (connect)choose whether each example belongs in the general, task, or internal environment.exampleenvironmenta worldwide recession task environment / general environment / internal environmentlocal mothers asking their community grocery store to carry no-salt cheerios-type cereal for their babies task environment / general environment / internal environmentchoose the phrase that best completes the following sentence.the relationship between the task environment and the general environment is best described as: a one-way system: changes in the task environment affect the general environment, but changes in the general environment do not affect the task environment.an open system: changes in the task environment affect the general environment, and changes in the general environment affect the task environment.a one-way system: changes in the general environment affect the task environment, but changes in the task environment do not affect the general environment.a closed system: changes in the general environment do not affect the task environment, and changes in the task environment do not affect the general environment.©bloomberg via getty imagesmanagement in the newsin april 2010, the explosion of british petroleum’s (bp) deepwater horizon oil drilling rig and the accompanying oil spill dramatically changed the external environment in which all oil companies operate. the explosion released more oil than any other accidental spill in history and had a huge impact on the waters and surrounding communities of the gulf coast. the conditions that led to the spill, the attempts to stop the spill, and the clean-up and aftermath of the spill prompted debates in the u.s. senate, concern on wall street, and attention from companies all over the world.match each oil spill event with a specific dimension of the general environment.eventgeneral environment dimensionbp stock prices falling 25% during the first month after the oil spill oil seeping into pelican nesting grounds, which will place the brown pelican back on the endangered species list people moving from louisiana to oklahoma to avoid the effects of the spill