5 Check my work 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 1,500 Unit Cost $ 26 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $71 per unit) e. Sale, October 31 (sold for $74 per unit) 1. Operating expenses (excluding income tax expense), $402,888 7,500 3,500 2,300 6,500 27 29 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. (O) 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. Number of Goods Available for Sale Cost of Goods Available for Sale units Mr 5 d. Sale, April 15 (sold for $71 per unit) e. Sale, October 31 (sold for $74 per unit) f. Operating expenses (excluding income tax expense), $402,000 2,300 6,500 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) weigh 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average me 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. Number of Goods Available for Sale Cost of Goods Available for Sale units Required Required 2 > Check my wc 5 C. Purchase, September 19 3,500 29 d. Sale, April 15 (sold for $71 per unit) 2,300 e. Sale, October 31 (sold for $74 per unit) 6,500 1. Operating expenses (excluding income tax expense), $402,600 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory units 5 c. Purchase, September 19 3,500 29 d. Sale, April 15 (sold for $71 per unit) 2,300 e. Sale, October 31 (sold for $74 per unit) 6,500 f. Operating expenses (excluding income tax expense), $402,000 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 averag 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 (0) FIFO, (D) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory FIFO Sold LIFO Weighted Average Cost Check my won 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? 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 Averago Income (Loss) from Operations 5 Check my work t. Sale, ULLUE 31 SULU Tot > per un f. Operating expenses (excluding income tax expense), $402,000 0,00 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Which inventory costing method minimizes income taxes? OFIFO OUFO Weighted Average