Saved Help E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. 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. Units 1,500 Unit Cost $31 32 Transactions a. Inventory, Beginning Por the year! b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) 1. Operating expenses (excluding income tax expense), $398,000 7.500 3,500 2.200 6,500 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Saved 1. Operating expenses (excluding income tax expense), 139, VUU 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 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Sped Complete this question by entering your answers in the tabs below. Book Hint Required 1 Required 2 Required 3 Required 4 Required 6 eferences Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Required 2 > Ch 07 Saved 2 Units 1,500 Unit Cost $31 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 34 7,500 3,500 2,200 6,500 28 pints Skipped Required: eBook 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? Hint Print References 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 Saved Ch 07 32 34 For the year! b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense), $398,000 7,500 3,500 2,200 6,500 Required: 28 soints Skipped 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? eBook Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under() FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost W Ch 076 Saved 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 cos 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 14.28 points Complete this question by entering your answers in the tabs below. Slapped Required 1 Required 2 Required 3 Required 4 Required 6 eBook Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. Hint Print SCORESBY INC. Income Statement For the Year Ended December 31 References FIFO UFO Weighted Average Income (Loss) from Operations Required 3 Required > HW Ch 076 Saved 1. vperating expenses (excluding income tax expense), 398, VUU 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 c 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 14.28 points Skipped Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Required 6 Print References Which inventory costing method minimizes income taxes? OFIFO OLIFO Weighted Average