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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 $ 14 For the yeart b. Purchase, March 5 10,000 15 c. Purchase, September 19 6,000 17 d. Sale, April 15 (sold for $59 per unit) 4,300 e. Sale, October 31 (sold for $62 per unit) 9,000 f. Operating expenses (excluding income tax expense), $606,000 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 (@) 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 and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale 20.000 units 308,000 $ 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 $. 14 For the year b. Purchase, March 5 10,000 15 c. Purchase, September 19 6,000 17 d. Sale, April 15 (sold for $59 per unit) 4,300 e. Sale, October 31 (sold for $62 per unit) 9,000 1. Operating expenses (excluding income tax expense), $606,000 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, (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 Reabired 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory 6.700 units $ 14 15 17 Transactions Units Unit Cost a. Inventory, Beginning 4,000 For the year: b. Purchase, March 5 10,000 c. Purchase, September 19 6,000 d. Sale, April 15 (sold for $59 per unit) 4,300 e. Sale, October 31 (sold for $62 per unit) 9,000 1. Operating expenses (excluding income tax expense), $606,000 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. (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 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold und (a) FIFO, () LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost f. Operating expenses (excluding income tax expense), $606,000 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. (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 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 FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income (Loss) from Operations