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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. Unit Units 3,000 Cost $ 8 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $29 per unit) e. Sale, October 31 (sold for $31 per unit) f. Operating expenses (excluding income tax expense), $250,eee 11 9,5ee9 5,00 4.ee B.288 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 welghted 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. units Number of Goods Available for Sale Cost of Goods Available for Sale Required 1 Required 2 > 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. Units 3.ece Unit Cost $ 8 9 Transactions 9. Inventory. Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $29 per unit) e. Sale, October 31 (sold for $31 per unit) f. Operating expenses (excluding income tax expense). $250.800 9,580 5,600 4. es 8,000 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 Calculate the number of units in ending inventory. Ending Inventory units 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. Units 3,000 Unit Cost $ 8 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $29 per unit) e. Sale, October 31 (sold for $31 per unit) f. Operating expenses (excluding income tax expense). $250,000 21 5,000 4,000 8,888 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 under (a) FIFO. (b) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory FIFO Weighted Average Cost Required 1 Requires a Reguires 2 Requires Required 2 Required 3 Required 4 Resuires a requires 6 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORE SBY INC. Income Statement For the Year Ended December 31 CICO EO Weighted Income (Loss) from Operations (Required 3 Required 6 > Complete this question by entering your answers in the tabs below. Required 1 Requires : Requires 2 Requires a Reguires a Reguires 6 Required 2 Required 3 Required 4 Required 6 which inventory costing method minimizes income taxes? OFIFO OLIFO Weighted Average