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, Beginning.For the year:Complete this question by entering your answers in the tabs below.b. Purchase, March 5c. Purchase, September 19d. Sale, April 15 (sold for $69 per unit)e. Sale, October 31 (sold for $72 per unit)f. Operating expenses (excluding income tax expense), $406,000Required: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?Required 1 Required 2 Required 3 Required 4 Required 6Income (Loss) from OperationsSCORESBY INCORPORATEDIncome StatementFor the Year Ended December 31Units1,500FIFOPrepare an income statement that shows the FIFO method, LIFO method and weighted average method.LIFO7,5003,5002,4006,500Unit Cost$24WeightedAverage2527

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Description: 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

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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. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Units 1,500 7,500 3,500 2,400 6,500 Unit Cost $ 24 25 27

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. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Units 1,500 7,500 3,500 2,400 6,500 Unit Cost $ 24 25 27

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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