I need 1-6 i need to check over some things real quick
E7-9 (Algo) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) 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 Transactions Units Unit Cost a. Inventory, Beginning 4,000 $ 22 For the year: b. Purchase, March 5 10,000 23 C. Purchase, September 19 6,000 25 d. Sale, April 15 (sold for $67 per unit) 4,300 e. Sale, October 31 (sold for $70 per unit) 9,000 1. Operating expenses (excluding income tax expense), 5686,000 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 (a) FIFO. (D) 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 cost of goods available for sale. units Number of Goods Available for Sale Cost of Goods Available for Sale 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 Requiredtz Required 3 Required 4 Required 6 Calculate the number of units in ending Inventory. Ending inventory units 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, (D) 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 Reguired 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. Cont of Ending Cost of Goods Sold Inventory FIFO LIFO Weighted Average Cost Required 2 Required 4 > that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? fdge cost 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 Weighted FIFO Average LIFO Income (Loss) from Operations 9,000 1. Operating expenses (excluding income tax expense), 5686,000 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 (a) FIFO. (D) 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
