Need requirement only 4 and 6Scoresby 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.Units4,000Unit Cost$ 28Transactionsa. Inventory, BeginningFor the year:b. Purchase, March 5C. Purchase, September 19d. Sale, April 15 (sold for $73 per unit)e. Sale, October 31 (sold for $76 per unit)f. Operating expenses (excluding incone tax expense), $612,00010,0006,0004,5009,0002931Required: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?

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Scoresby Incorporated 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 4,000 Unit Cost $ 28 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April is (sold for $73 per unit) e. Sale, October 31 (sold for $76 per unit) f. Operating expenses (excluding income tax expense), $612,000 10,000 6,000 4,500 9,000 29 31 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?

Scoresby Incorporated 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 4,000 Unit Cost $ 28 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d. Sale, April is (sold for $73 per unit) e. Sale, October 31 (sold for $76 per unit) f. Operating expenses (excluding income tax expense), $612,000 10,000 6,000 4,500 9,000 29 31 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?

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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