3 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 3.33 oints Unit Cost $21 Transactio Beginsing inventory, January1 Transactions during the year a. Purchase on account, Mareh 2 b. Cash sale, April 1 (37 each) (350) Unita 200 350 e. Purchase on account, June 30 d. Cash sale, August 1 (37 each) (90) 27 ach) 250 eBook 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. References 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 ill result in the lowest income taxes? Complete this question by entering your answers in the tabs below Rq Rq 10 Req 2A Req 2B Req 1A Req 18 a. 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 oer Unit anwers to 2 decimal olaces.) Pre 3 of 3 Next 3 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? 3.33 points Complete this question by entering your answers in the tabs below 02:00.34 Req 1A Req 18 Req 1C Req 1D Req 2A Req 28 a. 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.) eBook LIFO (Perlodic) References Cost per Total Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory Req 18 > Ch 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? 3.33 points Complete this question by entering your answers in the tabs below. 8 020019 Req 1A Req 18 Req 1C Req 1D Req 2A Req 28 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) ighted Average Cost (Periodic) Cost perTotal Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Avalable for Sale Cost of Goods Sold Ending Inventory hapter Homework Help Save & E Che 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? 3.33 points Complete this question by entering your answers in the tabs below 015958 c Req 10 Req 2A Req 1A Req 18 Req IC Req 2B Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the O method. Round "Cost.per.Unit anwers to 2 decimal places) ellook EIFO (Periodic) References Units Cost per Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units trom Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory Req 10 Req 10 > 3 Complete this questien by entering your answers in the tabs below 3.33 points Req IAReq 18 Req 1C Req 10Req 2A Req 28 d. CCompute 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-fhirths 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.) eBlook Cost perTotal Beginning Inventory March 2 une 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Invertory Unts rom March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending leventory 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.) 3.33 points a. Last-in, first-out b. Weighted average cost c. First-in, first-out. 0159.26 d. Specific Identification, assuming that the April 1 sale was selected one-fith from the beginning inventory and four-fiths 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? eBlook Complete this question by entering your answers in the tabs below Req IA Req 18 Req 1C Req 1D Req 2A Req 28 or the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost OFirst-in, first-out OSpeotic identification 3 Required: t 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 3.33 osd d. Specific dentfication, assuming that the April 1 sale was selected one-fifth from the beginning Inventory and four-fiths from the 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 Seferences Rea 1A Req 18 Req 1C Req 1D Req 2AReq 28 Which will result in the lowest income taxes? first-out average cost First-n, first-out