Need help with number 1, 2, 3, and 4 please!! Scoresby Inc. tracks the number of

Question

Need help with number 1, 2, 3, and 4 please!!

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 records provided the following information at the end of the annual accounting period, December 31 Transactions Unit Cost 4,000 a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $63 per unit) e. Sale, October 31 (sold for $66 per unit) f. Operating expenses (excluding income tax expense), $595,000 $18 10,000 6,000 4,100 9,000 19 21 Required 1. Calculate the number and cost of goods available for sale Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory ding Inventory units

Explanation / Answer

1.

2.

Cost of goods available for sale = $388,000

3.

4.

FIFO Method

Cost of goods sold

Ending inventory

LIFO

Cost of goods sold

Ending inventory

Weighted average method

Cost of goods sold

Ending inventory

5.

beginning inventory      4,000 March 5th purchase    10,000 September 19 purchase      6,000 Number of goods available for sale    20,000

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