3 E7-9 (Static) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] 28 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, Unit Cost Bool tinits 3.000 Transactions a. Inventory, Beginning Tor the year: b. Purchase, March 5 e. Purchase, September 19 d. Sale, April 15 (sold for $29 per unit) o. sale, October 31 (sold for $31 per unit) 1. Operating expenses (excluding income tax expense), 5250,000 9 11 Hint 9,500 5,000 4,000 8,000 Print References 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* Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INCORPORATED 1428 points 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? 1 Complete this question by entering your answers in the tabs below. eBook Hint Print Required 1 Required 2 Required 3 Required 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 FIFO LIFO Weighted Average References Income (Loss) from Operations