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, 2013.

Transactions	Units			Unit Cost
a. Inventory, December 31, 2012		4,000		$	18
For the year 2013:
b. Purchase, March 5		10,000			19
c. Purchase, September 19		6,000			21
d. Sale, April 15 (sold for $63 per unit)		4,100
e. Sale, October 31 (sold for $66 per unit)		9,000
f. Operating expenses (excluding income tax expense), $595,000

Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

	Cost of Ending Inventory	Cost of Goods Sold
FIFO
LIFO
Weighted Average Cost

4.

Prepare an income statement that shows 2013 amounts under the FIFO method, LIFO method and weighted average method. (Loss amounts should be indicated with a minus sign. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

SCORESBY INC.
Income Statement
For the Year Ended December 31, 2013
	FIFO	LIFO	Weighted Average
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Income (Loss) from Operations