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. 

	Transactions	Units	Unit Cost
a.	Inventory, Beginning	3,000	$8
For the year:
b.	Purchase, March 5	9,500	9
c.	Purchase, September 19	5,000	11
d.	Sale, April 15 (sold for $29 per unit)	4,000
e.	Sale, October 31 (sold for $31 per unit)	8,000
f.	Operating expenses (excluding income tax expense), $250,000

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 and (b) weighted average cost.(Do not round weighted average cost per unit. Round your final answers to the nearest dollar amount.) 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.)

Q2) (7 points)

Calculating and Interpreting the Inventory Turnover Ratio - Part 1 and 2

Toyota Industries Inc. is the biggest mobile manufacturer in the world. It reported the following amounts in its financial statements (in millions):

Required:

1. Calculate to one decimal place the inventory turnover ratio and average days to sell inventory for 2018 and 2017.

	2017	2018
Net Sales Revenue	$5430	$6080
Cost of Good Sold	$4100	$4580
Average Inventory	$765	$830

2. Did inventory turnover at Polaris improve or decline in 2018?

Q3) (8 points) Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year that ended December 31, the company reported Inventory of $84,000 and Cost of Goods Sold of $448,000.

2. Included in Inventory (and Accounts Payable) are $12,800 of lenses held on consignment.
4. Included in the Inventory balance are $6,400 of office supplies held in SLC's warehouse.
6. Excluded from the Inventory balance are $9,400 of lenses in the warehouse that are ready to send to customers on January 1. On December 31, SLC reported these lenses as sold at a price of $17,800.
8. Included in the Inventory balance are $3,700 of lenses that were damaged in December and will be scrapped in January, with no recoverable value.

Required: Prepare the table showing the balances presently reported for Inventory and Cost of Goods Sold, and then displaying the adjustment(s) needed to correctly account for each of items (a)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances.(Enter any decreases to account balances with a minus sign.)