Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies...
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Accounting
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
Required:
Calculate the number and cost of goods available for sale.
Calculate the number of units in ending inventory.
Compute the cost of ending inventory and cost of goods sold under a FIFO, b LIFO, and c weighted average cost.
Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.
Which inventory costing method minimizes income taxes?
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