E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] 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. Units 3,000 Unit Cost $ 8 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $29 per unit) e. Sale, October 31 (sold for $31 per unit) f. Operating expenses (excluding income tax expense), $250,000 11 9,500 5,000 4,000 8,000 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 INC. 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