10,000 11 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 Transactions Unita Unit Cont a. Inventory. Deginning 4,000 5 10 for the year b. Purchase, March 5 c. Purchase. September 19 6,000 13 d. Sale, April 15 (sold for $55 per unit) 4,500 e sale, October 31 (old for $58 per unit) 9.000 1. Operating expenses (excluding income tax expense), 5615,000 Required: 1. Calculate the number and cost of dods 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) UFO, 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? Complete this question by entering your answers in the tabs below. Required: Required 2 Required) Required 4 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale Here Required 2 > 11 13 4,500 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. Transactions Units Unit Cost .. Inventory, beginning 4,000 3 10 For the year b. Purchase. March 10,000 c. Purchase, September 19 6,000 d. Sale, April 15 (sold for 555 per unit) e. Sale, Otober 31 (old for $58 per unit) 9.000 1. Operating expenses (excluding income tax expense). 5615,000 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. () 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? Complete this question by entering your answers in the tabs below. Required Required 1 Required 2 Required 3 Required Calculate the number of units in ending inventory Ending Inventory units Scoresby incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the yoar, 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 Unite 4,000 Unit cost 5 10 Transactions .. Inventory. Beginning For the year: b. Purchase, March c. Purchase, September 19 d. Sale, April 15 (sold for 555 per unit) .. Sale, October 31 (old for 558 per unit) f. Operating expenses (excluding income tax expense), 5615,000 11 13 10,000 6,000 4,500 9,000 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 (0) FIFO. (D) 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? Complete this question by entering your answers in the tabs below. Required Required 2 Required Required 4 Required 6 Compute the cost of ending Inventory and cost of goods sold under () FIFO, (D) LIFO, and (c) weighted average cost Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost Required 2 Required 4 > 4,500 9.000 d. Sale, April 15 (old for 555 per unit) e. Sale, October 3 (cold for 55 per unit) 4. Operating expenses (excluding income tax expense). 5615,000 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, (D) UFO, 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? Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Required Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses LIFO Income (L03) from Operations