Question: Please help me answer required steps 1 and 2 :) Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies

Please help me answer required steps 1 and 2 :)

applies its inventory costing method at the end of the year, as

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 Unit Cost Units 4,000 a. Inventory, Beginning $20. For the year: b. Purchase, March 5 10,000 21 c. Purchase, September 19 23 d. Sale, April 15 (sold for $65 per unit) 6,000 4,400 e. Sale, October 31 (sold for $68 per unit) 9,000 f. Operating expenses (excluding income tax expense), $610,000 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number and cost of goods available for sale. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 41 Required 6 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale Required 2 > 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Calculate the number of units in ending inventory. Ending Inventory units

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