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. Ass ided the following information at the end of the annual accounting ume its accounting records provi period, December 31 Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($46 each) 160 $30 280 210 32 36 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. IFO (Periodic Cost per Unit Units Total Beginning Inventory 160 30.00 4,800 Purchases March 2 June 30 280 $ 32.00 210 $ 36.00 490 650 Total Purchases 16,520 Goods Available for Sale 21,320 Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold 210 210 Ending Inventory