Units 4,000 Cost $28 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $73 per unit) e. Sale, October 31 (sold for $76 per unit) f. Operating expenses (excluding income tax expense), $612,000 29 31 10,000 6,000 4,500 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? Complete this question by entering your answers in the tabs below. 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 Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted aver SCORESBY INC. Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income (Loss) from Operations