Prepare an income statement that shows the FIFO method, LIFO method and weighted average meth \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ SCORESBY INCORPORATED } \\ \hline For the Year Ended December 31 \\ \hline \end{tabular} Calculate the number of units in ending inventory. Calculate the number and cost of goods available for sale. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and Which inventory costing method minimizes income taxes? E7-9 (Algo) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] 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. Required: 1. Catculate the number and cost of goods avallable 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, (o) 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