Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 4,000 $ 22 For the year: b. Purchase, March 5 10,000 c. Purchase, September 19 6,000 d. Sale, April 15 (sold for $67 per unit) 4,300 e. Sale, October 31 (sold for $70 per unit) 9,000 f. Operating expenses (excluding income tax expense), $606,000 Required: 23 25 Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses 301,900 317,900 311,220 606,000 606,000 606,000 Income (Loss) from Operations