Mc Graw Hill the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $42 per unit) e. Sale, July 3 (sold for $42 per unit) f. Operating expenses (excluding income tax expense), $19,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 350 Unit Cost $ 14 950 700 26 12 16 350 670 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 under 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 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.) FIFO LIFO Weighted Average Cost Cost of Ending Inventory Cost of Gands Sold $ 14,560 $ 12,940 < Prev 5 of 10 Next >