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4, 31 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 $ 28 For the year: b. Purchase, March 5 1 29 c. Purchase, September 19 6, eee d. Sale, April 15 (sold for $73 per unit) 4,5ee e. Sale, October 31 (sold for $76 per unit) 9,000 f. Operating expenses (excluding income tax expense), 5612,600 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) 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 (2) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 29 31 4,500 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 $ 28 For the year: b. Purchase, March 5 10,000 c. Purchase, September 19 6,000 d. Sale, April 15 (sold for $73 per unit) e. Sale, October 3i (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 (0) FIFO. (6) 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 Required 4 Required 6 Prepare an Income statement that shows the FIFO method, LIFO method and welghted average method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO Income (Loss) from Operations 29 31 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 $ 28 For the year b. Purchase, March 10,000 C. Purchase, September 19 d. Sale, April 15 (sold for $73 per unit) e. Sale, October 31 (sold for $76 per unit) 9,000 f. Operating expenses (excluding income tax expense), 5612,000 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? 6,000 4,500 Complete this question by entering your answers in the tabs below. Required 6 Required 1 Required 2 Required Required 4 Which Inventory costing method minimizes income taxes? OFFO OUFO Weighted Average

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