Transactions

a$.$ Inventory, Beginning

For the year:

b$.$ Purchase, April $11$

c$.$ Purchase, June $1$

d$.$ Sale, May $1($sold for $$42$ per unit$)$

e$.$ Sale, July $3($sold for $$42$ per unit$)$

f$.$ Operating expenses $($excluding income tax expense$),$ $$18,000$

Required:

Calculate the number and cost of goods available for sale.

Calculate the number of units in ending inventory.

Compute the cost of ending inventory and cost of goods sold under $($a$)$ FIFO, $($b$)$ LIFO, and $($c$)$ weighted average cost

Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method.

Which inventory costing method minimizes income taxes?

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Requiref $13$

Required $4$

Compute the cost of ending inventory and cost of goods sold under $($a$)$ FIFO, $($b$)$ LIFO, and $($c$)$ weighted average cost. $($Do nc round intermediate calculations. Round your final answers to the nearest dollar amount.$)$

$\backslash$table$[[,\backslash$table$[[$Cost of Ending$],[$Inventory$]],\backslash$table$[[$Cost of Goods$],[$Sold$]]],[$FIFO$,,],[$LIFO$,,],[$Weighted Average Cost,,$]]$

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