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E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, ond Weighted Average Cost...

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E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, ond Weighted Average Cost [LO 7.3) Scoresby Inc tracks the number of units purchased and sold throughout each year but applies its invertory 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 Uniti Cast Teansactions c. Inventory, Beginning For the year Purchase, March c. Purchase September 19 di sale. April 15 (old for $71 per unit) Sale, october 31 (old for $74 per unit) f Operating expenses (excluding income tax expense) 3534,00 10,000 6.00 4x100 9.000 Required: 1. Calculate the number and cost of goods available for sale 2. Calculate the number of unitsin ending inventory 3. Compute the cost of ending inventory and cost of goods sold under al FIFO JUIFD, and (c) weighted average cost Prey 1 Next arch o O hp 0 . + . 9 4 5 un 6 7 8 E R R Y U 1 O o P C 3 T G : F I ere > ? DOUS C V B N N M M alt ctrl

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