Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $71 per unit) e. Sale, October 31 (sold for $74 per unit) f. Operating expenses (excluding income tax expense), $594,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Complete this question by entering your answers in the tabs below. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. 4. Prepare an income statement that shows the FIFO method and LIFO method. 5. Which inventory costing method minimizes income taxes? Required 1 Required 2 Required 3 Required 4. Required 5 Prepare an income statement that shows the FIFO method and LIFO method. SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO Units 4,000 LIFO 10,000 6,000 4,100 9,000 Unit Cost $ 26 27 29

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.