Scottsdale Tool and Die Company uses perpetual inventory system for its most popular set of drill bits. Its beginning inventory, purchases, and sales for the most recent calendar year are as follows.

1. Calculate the Cost of Goods Available for sale both units and dollars.

2. Apply the FIFO, LIFO, Weighted average methods of inventory costing to calculate ending inventory and cost of goods sold.

3. Compute gross profit and the dollar amount of inventory reported on the balance sheet for each of the costing methods. Round all unit costs to two decimals and round all dollar amounts to the nearest whole dollar.

4. The accountant was instructed to use FIFO, but instead computed cost of goods sold using LIFO. Determine the impact on the current yearss income from the error.

Please show all calculations!!! Scottsdale Tool and Die Company uses a perpetual inventory system for its most popular set of drill bits. Its beginning inventory, purchases and sales for the most recent calendar year are as follows. Units Sod at Retail Unit Units Acquired at Cost 400 Units @$14 $5,600 200 Units@$15-$3,000 300 Units$16 $4,800 Date Activity 400 Units 200 Units$30 200 Units 400 Units 200 Units $30 200 Units 500 Units 750 Units 1/1 Beg Inv 1/15 Sale 3/10 Purchase 4/1 Sale 5/9 Purchase 9/22 Purchase 11/ 1 Sale 11/28 Purchase Goods Available For Sale Units Sold Units in Ending Inventory 250 Units @$20 5,00 100 Units@$21 $2.100 300 Units $35 450 Units 550 Units Units 700 Units 550 Units Required: Calculate the Cost of Goods Available for Sale both in units and dollars 1. 2. Apply the FIFO, LIFO, Weighted Average methods of inventory costing to calculate ending inventory and cost of goods sold Compute gross profit and the dollar amount of inventory reported on the balance sheet for each of the costing methods. Round all unit costs to 2 decimals and round all dollar amounts to the 3. nearest whole dollar 4. The accountant was instructed to use FIFO, but instead computed Cost of Goods Sold using LIFO. Determine the impact on the current year's income from the error