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 a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $61 per unit) e. Sale, October 31 (sold for $64 per unit) f. Operating expenses (excluding income tax expense), $602,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 16 10,000 17 6,000 19 4,200 9,000 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. 4. Prepare an income statement that shows the FIFO method and LIFO method. 5. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing me at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following informatio the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $61 per unit) e. Sale, October 31 (sold for $64 per unit) f. Operating expenses (excluding income tax expense), $602,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 16 10,000 17 6,000 19 4,200 9,000 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. 4. Prepare an income statement that shows the FIFO method and LIFO method. 5. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an income statement that shows the FIFO method and LIFO method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO LIFO Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Which inventory costing method minimizes income taxes? OFIFO LIFO