Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period and applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 (S37 each) c. Purchase on account, June 30 d. Cash sale, August 1 (S37 each) Units Unit Cost 200 $21 350 (390) 250 (90) 23 27 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 390 units on April 1 is assumed, under LIFO, to consist of the 350 units purchased March 2 and 40 units from beginning IFO tua Cost per Total Units Unit Beginning Inventory March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from beginning inventory Units from March 2 purchase Units from June 30 purchase Total Cost of Goods Sold Ending Inventory