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Complete this question by entering your answers in the tabs below. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Complete this question by entering your answers in the zabs below. Which inventory costing method minimizes income taxes? Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ SCORESBY INCORPORATED } \\ \hline \multicolumn{4}{|c|}{ Income Stateritint } \\ \hline \multicolumn{4}{|c|}{ For the Year Ended December 31} \\ \hline & FIFO & LIFO & \begin{tabular}{l} Weighted \\ Average \end{tabular} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Income (Loss) from Operations & & & \\ \hline \end{tabular} Required: 1. Caiculate the number and cost of goods avaliable 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 slows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below. Calculate the number and cost of goods avallable for sale. E7-9 (Algo) Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] 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. 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, (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? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Calculate the number of units in ending inventory

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