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 CORT a. Inventory. Beginning 4,000 5 10 For the year b. Purchase, March 5 10,000 c. Purchase, September 19 6.000 13 d. Sale, April 15 (sold for $55 per unit) 4,500 c. Sale, October 31 (sold for $58 per unit) 9,000 f. 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 () 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number and cost of goods available for sale. 20,000 units Number of Goods Available for Sale Cost of Goods Available for Sale Montre Required 2 > 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, Units 4,000 Unit Cost $ 10 Transactions a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $55 per unit) e. Sale, October 31 (sold for $58 per unit) 1. 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 (a) FIFO. (6) 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 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory units due en or ve yedi, as I uses a pencil inventory system. ASSUME ILS decounung retorus provideu le 10H0wing ordina the end of the annual accounting period, December 31. Units 4,000 Unit Cost $ 10 Transactions a. Inventory, Beginning For the yeart b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $55 per unit) e. Sale, October 31 (sold for $58 per unit) 1. Operating expenses (excluding income tax expense), $615,000 10,000 6,000 4,500 9,000 11 13 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. (6) 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 1 Required 2 Required 3 Required 4 Required 6 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 FIFO LIFO Weighted Average Cost d. Sale, April 15 (5010 tor $55 per unit) 4,500 e. Sale, October 31 (sold for $58 per unit) 9,000 f. Operating expenses (excluding income tax expense). $615,000 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. (6) 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 1 Required 2 Required 3 Required 4 Required 6 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 LIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income (Loss) from Operations