Question: Please help me answer required steps 3 and 4 :) Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies

Please help me answer required steps 3 and 4 :)
Please help me answer required steps 3 and 4 :) Scoresby Incorporated
tracks the number of units purchased and sold throughout each year but
applies its inventory costing meth 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 meth at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information a the end of the annual accounting period, December 31. Transactions Unit Cost a. Inventory, Beginning. Units 4,000 $ 20 For the year: b. Purchase, March 5 10,000 21 c. Purchase, September 19 6,000 23 d. Sale, April 15 (sold for $65 per unit) e. Sale, October 31 (sold for $68 per unit) 4,400 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. Which inventory costing method minimizes income taxes? 6. Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 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 11 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Cost of Ending Inventory Goods Sold FIFO LIFO Weighted Average Cost K Required 2 Required 4 > Prev Next > 4 of 8 www. MAN HESSE ES Hot compiere. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Sales Revenue IS 811,700 $ 811,700 $ Cost of Goods Sold (195,500) (211.500) Gross Profit 636,200 x Operating Expenses 606,000 Income (Loss) from Operations $ 10.200

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