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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

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

FINANCIAL ACCOUNTING
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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Book Print Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $71 per unit) Complete this question by entering your answers in the tabs below. 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. 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 Income (Loss) from Operations FIFO Units 4,000 LIFO 10,000 6,000 4,100 9,000 Unit Cost $ 26 27 29
Transcribed Image Text:Book Print Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $71 per unit) Complete this question by entering your answers in the tabs below. 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. 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 Income (Loss) from Operations FIFO Units 4,000 LIFO 10,000 6,000 4,100 9,000 Unit Cost $ 26 27 29
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