of the annual accounting period, December 31. Transactions Unit Units Cost 300 $10 8 11 8 a. Inventory, Beginning For the year: b. Purchase, April 11 C. Purchase, June 1 d. Sale, May 1 (sold for $38 per unit) e. Sale, July 3 (sold for $38 per unit) f. Operating expenses (excluding income tax expense), $19,300 700 600 300 550 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 under the FIFO method, LIFO method and weighted average method, 6. Which inventory costing method minimizes income taxes