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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.) \begin{tabular}{|l|l|l|l|} \hline FIFO (Periodic) & Units & Cost per Unit & Total \\ \hline Beginning Inventory & & & $ \\ \hline Purchases & & & \\ \hline March 2 & & & \\ \hline June 30 & & & \\ \hline Total Purchases & & & \\ \hline Goods Available for Sale & & & \\ \hline Cost of Goods Sold & & & \\ \hline Units from Beginning Inventory & & & \\ \hline Units from March 2 Purchase & & & \\ \hline Units from June 30 Purchase & & & \\ \hline Total Cost of Goods Sold & & & \\ \hline Ending Inventory & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline Weighted Average Cost (Periodic) & Units & \multicolumn{2}{|c|}{CostperUnit} & \multicolumn{2}{|c|}{ Total } \\ \hline Beginning Inventory & 180 & s & 26.00 & $ & 4,680 \\ \hline Purchases & 8 & 18 & 7 & 14 & \\ \hline March 2 & 290 & s & 28.00 & & \\ \hline June 30 & 8170230 & s & 32.00 & & \\ \hline Total Purchases & 520 & & & & 15,480 \\ \hline Goods Available for Sale & 700 & & & & 20,160 \\ \hline Cost of Goods Sold & & & & $ & 0 \\ \hline Ending Inventory & & & & 0 & \\ \hline \end{tabular} Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? \begin{tabular}{|c|c|c|c|} \hline UFO (Periodic) & Units & CostperUnit & Total \\ \hline Beginning Inventory & 180 & 26.00 & 4,680 \\ \hline \begin{tabular}{|l|} Purchases \\ \end{tabular} & & & \\ \hline March 2 & 290 & $28.00 & \\ \hline June 30 & 230 & 32.00 & \\ \hline Total Purchases & 520 & & 15,480 \\ \hline Goods Available for Sale & 700 & & 20,160 \\ \hline Cost of Goods Sold & +2 & & \\ \hline Units from Beginning Inventory & 0 & & \\ \hline Units from March 2 Purchase & & & \\ \hline Units from June 30 Purchase & & & \\ \hline Total Cost of Goods Sold & 0 & & \\ \hline nding Inventory & & & \\ \hline \end{tabular} 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 . 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.) o. 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