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 Specific Identification (Periodic) Cost per Total 160 Unit $ 30.00 $ 4,800 $ $ 3200 36.00 280 210 490 650 16,520 21,320 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 $ 0.00 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. Units 160 Unit Cost Transactions Beginning inventory, January 1 Transactions during the years 2. Purchase on account, March 2 b. Cash sale, April 1 (546 each) C. Purchase on account, June 30 d. Cash sale, August 1 (146 each) 280 (310) 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 ofending 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