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need the emty blank Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at
need the emty blank
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 Units Unit Cost 140 $20 Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($36 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($36 each) 270 (290) 190 (65) 26 TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred Required 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. LIFO (Periodic Cost perTotal Units Unit Beginning Inventory 140$ 20.00 2,800 Purchases March 2 June 30 270 $ 22.00 190 26.00 460 600 Total Purchases 10,880 Goods Available for Sale 13,680 Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold $ 22.00 $ 26.00 0 Ending Inventory 245Step by Step Solution
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