Scrappe Supplies tracks the number of units purchased and sold throughout each acoounting period but applies is inventory costing method at the end of each period. as if it uses a periodic inventory system. Aezume its ounting records provided the following intomation at the end of the annual accounting period. December 31 Unit Unit Cost 200 ?38 Transaotions Beginning inventoyJary 1 Transactions duting the year: a. Purchase on account, Maroh 2 b. Cash sale, Aprl 1 054 each) o. Puroh ase on ooount, June 30 d, Cash sale. August 1 4 each) 40 (350) TIP: Although the puchases and sales ae listed in chronological odet S crappers determines the cost of goods sold ter all of the purchases have oooured. 1. Compute the cost of goods available torsale, oot of ending invento ry and cost ot goods sold at c, Fie in, first-out Decembet 31 under each of the following inventory costing methods Round "Cost per Unit" to 2 decimal places.) Periodie) a. Lastin, fir out Cot per Units Tota Periodic Beginning Inventory Purchases March 2 June 30 Cost per Units Beginning Inventory Purohares March 2 June 30 Total Purchases Goods Available tor Sale Cost of oods Sold Total Purchases Units from Beginning Inventory Units trom March 2 Puschase Units from June 30 Purchase Goods Available fot Sale Cost of Goods Sold Units trom Beginning Inventory Units from Maroh 2 Purchase Units fro m June 30 Purchase Total Cost of Goods Sold Total Cost ot Goods Sold Ending Inventory Ending Inventory b. Weighted average cost d. Specific identification, assuming that the April 1 sale mas selected one-fifth from the beginning inventory and four fitths from the purohae o Maroh 2. Aczume that the sale of August 1 was seleoted from the purchase of June 30, Cost per ostion (Periodio) Cost per Beginning Inventory Units Tota Beginning Inventory March 2 Purchases June 30 Total Purchases June 30 Goods Available tor Sale Cost of Goods Sold Ending Inventory Total Purchase: Goods Available tor Sale Cost of Goods Sold Units trom Beginning Inventory Units fto m March 2 Putchase Units from June 30 Purohase 2-a Of the four methods, hich wll result in the highest gross pronit? Total Cost ot Goods Sold Ending Inventory O Last in, firt out O eighted average cost Fist-in, first-out Specific identification