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 9 11 9,500 5,000 4,000 8,000 Required: 1. Calculate the number and cost of goods available for sale. units Number of goods for sale Cost of goods available for sale 2. Calculate the number of units in ending inventory. Ending inventory units 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) weighted average cost. (Do not round weighted average cost per unit. Round your final answers to the nearest dollar amount.) Ending Cost of inventory goods sold FIFO Weighted average 4. Prepare an income statement that shows December 31 amounts for the FIFO method in one column and the weighted average method in another column. Include the following line items in the income statement: Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, and Income from Operations. (Do not round weighted average cost per unit. Round your final answers to the nearest dollar amount.) SCORESBY INC. Income Statement For the Year Ended December 31 FIFO Weighted Average Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations 5. This part of the question is not part of your Connect assignment. FIFO Weighted Average Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations 5. This part of the question is not part of your Connect assignment. 6-a. Which inventory costing method may be preferred by Scoresby for income tax purposes? Weighted average O FIFO 6-b. This part of the question is not part of your Connect assignment