Scoresby Incorporated 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 4,000 $ 18 For the year: 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 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?

Answer 3,4, and 6 please

Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costin at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following inform the end of the annual accounting period, December 31. Units 4,000 Unit Cost $ 18 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $63 per unit) e. Sale, October 31 (sold for $66 per unit) f. Operating expenses (excluding income tax expense), $595,000 19 21 10,000 6,000 4,100 9,000 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