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 Beginning inventory, January 1 288 $30 Transactions during the year: a. Purchase on account, March 2 380 32 b. Cash sale, April 1 ($46 each) (358) c. Purchase on account, June 30 36 d. Cash sale, August 1 (546 each) 250 (50) 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: a. Last-In, first-out. b. Weighted average cost. c. First-in, first-out d. Specific Identification, assuming that the April 1 sale was selected one-fifth from the beginning Inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. 2 Of the four methods, which will result in the highest gross profit? Which will result in the lowest Income taxes? Complete this question by entering your answers in the tabs below. Red 1A Reg 1B Reg 10 Req 1D Reg 2A Req 2B a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) LIFO (Periodic) Cost per Units 200 Unit Total $ 30.00 $ 6.000 Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold 300 $ 32.00 250 $36.00 550 750 18,600 24,600 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: a. Last-In, first-out. b. Weighted average cost. c. First-In, first-out d. Specific Identification, assuming that the April 1 sale was selected one-fifth from the beginning Inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. 2 of the four methods, which will result in the highest gross profit? Which will result in the lowest Income taxes? Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 1D Red 2A Reg 23 a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) LIFO (Periodic) Units Cost per Total Unit 200 $ 30.00 $ 6,000 300 $ 32.00 250 $36.00 550 18,600 24,600 750 Beginning Inventory Purchases 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 0 $ 0.00 150 $ 32.00 250 $ 36.00 400 13,800 Complete this question by entering your answers in the tabs below. 2 Req1Ad Req 1B Reg 10 cost of Ending entoty, and cost of poods sold at December 31 using the Reg 1D Req 2A Req 23 b. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Weighted average method. (Round "Cost per Unit" anwers to 2 decimal places.) Weighted Average Cost (Periodic) Units Cost per Unit 2.0 Total $ 0 18.60 March 2 Beginning Inventory Purchases Purchases March 2vailable for Sale June 30 Goods Sod Total Purchases ning Goods Available for Sale urchase Cost of Goods Sold Sourch Ending Inventory GOODS SE Eengventory ol 0 0 Req 1A Reg 1B Req 10 Req 10 Req 2A Req 23 c. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the FIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) FIFO (Periodic Units Cost per Unit Total $ 0 0 0 Beginning Inventory Purchases 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 0 Reg 1A Reg 13 Reg 10 Req 1D Red 2A Req 20 d. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Unit" anwers to 2 decimal places.) Show less Specific Identification (Periodic) Units Cost per Total Unit $ 0 0 Beginning Inventory Purchases 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 0