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Can you please answer all my questions Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing
Can you please answer all my questions
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, 2013. Calculate the number and cost of goods available for sale. Calculate the number of units in ending inventory. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Prepare an income statement that shows 2013 amounts under the FIFO method LIFO method and weighted average method (Loss amounts should be indicated with a minus sign. Do not round Intermediate calculations. Round your final answers to the nearest dollar amount.) Which inventory costing method may be preferred by Scores by for income tax purposes? LIFO Weighted Average FIFOStep by Step Solution
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