290 Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing 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 Transactions Units Unit Cost Beginning inventory, January 1 240 $ 21 Transactions during the year: a. Purchase on account, March 2 320 23 b. Cash sale, April 1 (537 each) (390) c. Purchase on account, June 30 27 d. Cash sale, August 1 (537 each) (95) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods (Round "Cost per Unit" to 2 decimal places.) a. Last-in first-out b. Weighted average cost c. First-in, first-out d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Req IA Reg 15 Reg IC Req 10 Reg 2A Reg 28 o, Compute the cost of goods available for sale, cost of ending Inventory, and cost of goods sold at December 31 using the LIFO method. (Round Cost per Unit anwers to 2 decimal places Req 1A Reg 1B Req 1C Req 1D Req 2A Req 2B b. Compute the cost of goods available for sale, cost of ending Inventory, and cost of goods sold at December 31 using the Weighted average method. (Round "Cost per Unit" anwers to 2 decimal places.) Reg 1A Reg 1B Req 1C Req 1D Req 2A Reg 2B C. Compute the cost of goods available for sale, cost of ending Inventory, and cost of goods sold at December 31 using the FIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) Req 1A Reg 1B Req 1C Reg 10 Reg 2A Reg 28 d. Compute the cost of goods available for sale, cost of ending Inventory, and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Unit" anwers to 2 decimal places.) Show less Units Cost per Unit Total $ 0 Specific identification (Periodic) Beginning Inventory Purchases March 2 June 30