1 Scoresby Incorporated 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. 10 points eBook Print Transactions a. Inventory, Beginning For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $61 per unit) e. Sale, October 31 (sold for $64 per unit) f. Operating expenses (excluding income tax expense), $602,000 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 the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Required 1 Required 2 Required 3 FIFO LIFO Weighted Average Cost Required 4 Units 4,000 Required 6 Unit Cost $ 16 10,000 6,000 4,200 9,000 17 19 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Inventory Cost of Goods Sold

Scoresby incorporated tracks the number of units purchased and sold throughout each yest but apples its invontory 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 . Required: 1. Calculate the number and cost of poods 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) FFO, (b) LFO, and (c) weighted averago cost. 4. Prepate an income statement that shows the FIFO method, LFO method and weighted werage method. 6. Which inventory costing method minimizes income tanos? Complete thic question by entering your anwwers in the tabs below. Compute the cost of ending inventory and cost of goods sold under (o) FiFo, (b) Lifo, and (c) welghted average cost