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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 Unit Cost 200 $30 Transactions 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) 32 300 (350) 250 (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) Units Cost 750 Goods Available for Sale Cost of Goods Sold Ending Inventory b. Weighted average cost. Weighted Average Cost (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending Inventory c. First-in, first-out. FIFO (Periodic). Units Cost Goods Available for Sale Cost of Goods Sold Ending Inventory 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. Specific Identification (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending Inventory Required information [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of year at a cost of $7,000. The estimated useful life was five years and the residual value was $500. Assume that the estimated productive life of the machine is 13,000 hours. Expected annual production was year 1, 3,100 hours; year 2, 2,500 hours; year 3, 3,400 hours; year 4, 2,200 hours; and year 5, 1,800 hours. 3. The following amounts were forecast for year 3: Sales Revenues $42,000; Cost of Goods Sold $33,000; Other Operating Expenses $4,000; and Interest Expense $800. Create an income statement for year 3 for each of the different depreciation methods, ending at Income before Income Tax Expense. (Don't forget to include a loss or gain on disposal for each method.). (Do not round intermediate calculations.) NICOLE'S GETAWAY SPA (Forecasted) Income Statement For the Year Ended Year 3 Straight Line Units-of- Production $ $ 42,000 33,000 9,000 42,000 33,000 9,000 Double- Declining Balance $ 42,000 33,000 9,000 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Other Operating Expenses Depreciation Expense 4,000 1,300 4,000 1,700 4,000 1,008 Total Operating Expenses Income from Operations Interest Expense 5,300 3,700 (800) 5,700 3,300 (800) 5,008 3,992 000 (800) Income before Income Tax Expense 2,900 2,500 3,192