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Need help with numbers 3 and 4! Thanks! 9 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its
Need help with numbers 3 and 4! Thanks!
9 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. 1.66 points Transactions a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $65 per unit) e. Sale, October 31 (sold for $68 per unit) f. Operating expenses (excluding income tax expense). $610,000 4,000$20 0,000 6,000 4.400 9.000 21 23 Required 1. Calculate the number and cost of goods available for sale. Answer is complete and correct Number of Goods Available for Sale Cost of Goods Available for 20,000 units s478 00n 9 2. Calculate the number of units in ending inventory. Answer Is complete and corract. 1.66 points nding 6,500units 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (d weighted average cost. 3 Answer is not complete. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 9 4. Prepare an income statement that shows the FIFO method, LIFO method and 1.66 points weighted average method. Answer is not complete. SCORESBY INC. Income Statement For the Year Ended December 31 LIFO Weighted Average FIFO Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses Income (Loss) from Operations t Prew of 18Step by Step Solution
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