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E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Welghted A Scoresby...

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Accounting

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E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Welghted A 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 Units 1,500 Unit Cost $30 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $406,000 7,500 3,50031 2,400 6,500 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale units 2. Calculate the number of units in ending inventory ng Inventory units

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