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Using the information in picture 1 answer 3 and 4

Using the information in picture 1 answer 3 and 4 

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-entral Connecticut State University
McGraw-Hill CONNECT SEC 09
Scoresby Inc. 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
reçords provided the following information at the end of the annual accounting period, December 31
Unit Cost
$31
Units
1,500
Transactions
a. Inventory, Beginning
For the year
b. Purchase, March 5
C. Purchase, September 19
d. Sale, April 15 (sold for $76 per unit)
e. Sale, October 31 (sold for $79 per unit)
f. Operating expenses (excluding income tax expense). $398.000
32
34
7.500
3,500
2,200
6,500
Required:
1. Calculate the number and cost of goods available for sale.
12.500 units
Number of Goods Available for Sale
S 405.500
Cost of Goods Available for Sale
2. Calculate the number of units in ending inventory
3 800 units
Ending Inventory
x +
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CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id-_43047_1&displayNam
Central Connecticut State University
McGraw-Hill CONNECT SEC 09
3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted
average cost.
Cost of Ending
Inventory
Cost of Goods
Sold
FIFO
LIFO
Weighted Average Cost
4. Prepare an income statement that shows the FIFO method. LIFO method and weighted average
method.
SCORESBY INC.
Income Statement
For the Year Ended December 31
Weighted
Average
LIFO
FIFO

Sep 22 2020 Read more Less More

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