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 Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) Units Unit Cost 230 $26 370 28 (380) 28e 32 (80) Required: 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 380 units on April 1 is assumed, under LIFO, to consist of the 370 units purchased March 2 and 10 units from beginning inventory LIFO (Perpetual) Units Cost per Unit Total Beginning Inventory 230 S 26.00 $ 5,980 Pu hases March 2 370S 28.00 June 30 280 32.00 Total Purchases 650 19,320 Goods Available for Sale 880 25,300 Cost of Goods Sold Units from beginning inventory 230 Units from March 2 purchase Units from June 30 purchase Total Cost of Goods Sold 230 Ending Inventory Prev 12 of 12 Next