E7.9 (Algo) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] Scoresby incorporotod tracks the number of units purchased and sold throughout each yeor but applies its ifventory costing method at the end of the yoor, as if it uses a periodic imventory system. Assume its accounting rocords provided the foliowing information at the end of the annual accounting petiod, December 31 Required: 1. Calculate the number and cost of goods avalable for sale. 2. Culculate 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 averege cost, 4. Prepare an income statement that shows the FFO method, LIFO method and weighted average method. 6. Which imventory costing method minimizes income taxes? Complete this question by entiering your answers in the tabs below. Prepare an income statement that shows the fIFO method, Lifo method and weighted averege method