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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
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 nformation at the end of the annual accounting period, December 31. TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the urchases 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: (Round "Cost per Unit" to 2 decimal places.) 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 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at De inventory costing methods. (Round intermediate calculations to 2 decimal places and final answe amount.)
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