Assignment \# 3 Q1) (10 points) Scoresby Inc. 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 . 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 and (b) weighted average cost. (Do not round weighted average cost per unit. Round your final answers to the nearest dollar amount.) 4. Prepare an income statement that shows December 31 amounts for the FIFO method in one column and the weighted average method in another column. Include the following line items in the income statement: Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, and Income from Operations. (Do not round weighted average cost per unit. Round your final answers to the nearest dollar amount.) Q2) (7 points) Calculating and Interpreting the Inventory Turnover Ratio - Part 1 and 2 Toyota Industries Inc. is the biggest mobile manufacturer in the world. It reported the following amounts in its financial statements (in millions)