i need the answer quickly Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing methodat the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information atthe end of the annual accounting period, December 31.Transactionsa. Inventory, BeginningFor the year:b. Purchase, March 5Units1,500Unit Cost$ 307,500313,500332,100f. Operating expenses (excluding income tax expense), $393,0006,500c. Purchase, September 19d. Sale, April 15 (sold for $75 per unit)e. Sale, October 31 (sold for $78 per unit)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 6Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.SCORESBY INCORPORATEDIncome StatementFor the Year Ended December 31FIFOLIFOWeightedAverageIncome (Loss) from Operations4 Required 3Required &

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Description: i need the answer quickly Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing methodat the end of the year, as if it uses a periodic inventory system. Assume its accounting record

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Coresby Incorporated trac the end of the year, as if me end of the annual accou Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 1 d. Sale, April 15 (sold e. Sale, October 31 (sol f. Operating expenses (e Required: 1. Calculate the number an 2. Calculate the number o 3. Compute the cost of em 4. Prepare an income stat 6. Which inventory costing Complete this questic Required 1 Required 2 Prepare an income state Income (Loss) from Operati

Coresby Incorporated trac the end of the year, as if me end of the annual accou Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 1 d. Sale, April 15 (sold e. Sale, October 31 (sol f. Operating expenses (e Required: 1. Calculate the number an 2. Calculate the number o 3. Compute the cost of em 4. Prepare an income stat 6. Which inventory costing Complete this questic Required 1 Required 2 Prepare an income state Income (Loss) from Operati

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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