3 E7-9 (Static) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] 14.28 points H 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 Transaction Unite Unit cost a Inventory, honning 3.000 18 For the year bi Parehase, March 9.500 9 c. Purchase, September 19 5.000 1 de le. April 15 (sold for $29 per uns 4,000 e. Sale, october) (sold for 531 per unit) 3.000 1. Operating expenses telding to tax expense), 3250,000 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 (FFO.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? Prime References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) UFO, and (c) weighted average cost talanta Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 6 ferences Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost