Transactions Units Unit Cost a. Inventory, Beginning 4,000 $ 28 For the year: b. Purchase, March 5 10,000 29 c. Purchase, September 19 6,000 31 d. Sale, April 15 (sold for $73 per unit) 4,500 e. Sale, October 31 (sold for $76 per unit) 9,000 f. Operating expenses (excluding income tax expense), $612,000 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, (D) LIFO, and (c) welighted 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? Complete this question by entering your answers in the tabs below. ce's Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending Inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost erises eXcluding income tax expense), $612,000 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold (Gross Profit Operating Expenses Income (Loss) from Operations