CP7-1 Analyzing the Effects of Four Alternative Inventory Costing Methods [LO 7-3] 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 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($40 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($40 each) Units Unit Cost 200 $24 300 26 (350) 250 30 (50) 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 LIFO (Periodic) Cost per Unit Units Total Beginning Inventory Purchases 200 0 March 2 June 30 Total Purchases 0 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 C Ending Inventory b. Weighted average cost. Weighted Average Cost (Periodic) Cost per Unit Units Total Beginning Inventory Purchases 200 March 2 June 30 Total Purchases 0 Goods Available for Sale Cost of Goods Sold $ 0 Ending Inventory c. First-in, first-out FIFO (Periodic) Cost per Unit Units Total Beginning Inventory 24.00$ 200 4,800 Purchases March 2 300 $ 26.00 June 30 250 30.00 Total Purchases 550 15,300 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 0 Ending Inventory