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Scrappers Supplies tracks the number method at the end of each period, 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 of units purchased and sold throughout each accounting period but applies its inventory costing Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 (S42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) 148 S26 270 (290) 190 (65) Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LiFO cost method perpetually at the time of each saleTIP: The sale of 290 units on April 1 is assumed, under LIFO, to consist of the 270 units purchased March 2 and 20 units from beginning inventory