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 Units 190 Unit cost $33 Transactions Beginning inventory. January 1 Transactions during the year: 2. Purchase on account, March 2 b. Cash salo, April 1 (549 cach) c. Purchase on account, June 30 d. Cash sale, August 1 (549 each) 35 295 (340) 240 39 (95) 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 (Round "Cost per Unit" to 2 decimal places.) a. Lastin, 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. I 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? Req 1A Req 18 Req 1C Req 10 Req 2A Req 28 a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) LIFO (Periodic) int Units Cost per Total Unit 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 Reg 1B > Reg LA Req10 Req1c Req 1D Reg 2A Reg 25 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.) 5 points Weighted Average Cost(Periodic Cost per Units Unit Total Beginning invertory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Req 1A Reg 1B Req 1D Req 2B Rida 10 Reg 2A 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) Cost per Units Total Unit 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 Req 1A Req 18 Reg 1c Req 10 Reg 2A Req 2B d. CCompute 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 Unit Total Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning love story Units from March 2Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Reg 10 Req 2A Req 28 of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost Ofimt in, firstout Specific identification Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 10 Reg 2A Req-28 Which will result in the lowest income taxes? Last-in, first-out Weighted average cost OFirst-in. first out Specific identification ( Req2A