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 1 160 $ 30 Transactions during the year a Purchase on account, March 2 280 32 b Cash sale, April 1 ($46 each) (310) c Purchase on account, June 30 210 36 d Cash sale, August 1 ($46 each) (60) 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 310 units on April 1 is assumed, under LIFO, to consist of the 280 units purchased March 2 and 30 units from beginning inventory

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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 information at the end of the annual accounting period, December 31.

Transactions	Units	Unit Cost
Beginning inventory, January 1	160	$ 30
Transactions during the year:
a. Purchase on account, March 2	280	32
b. Cash sale, April 1 ($46 each)	(310)
c. Purchase on account, June 30	210	36
d. Cash sale, August 1 ($46 each)	(60)

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 310 units on April 1 is assumed, under LIFO, to consist of the 280 units purchased March 2 and 30 units from beginning inventory.