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 ($40 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($40 each) Required: Units 200 Unit Cost $24 300 (350) 250 (50) 26 30 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 350 units on April 1 is assumed, under LIFO, to consist of the 300 units purchased March 2 and 50 units from beginning inventory. LIFO (Perpetual) 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 Cost per Unit Total 200 $ 24.00 $ 4,800 300 $ 26.00 250 $ 30.00 550 750 15,300 20,100 $ 24.00 300 $ 26.00