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, Harch 2 b. Cash sale, April 1 ($42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) Required: Units 230 Unit Cost $26 370 28 (380) 280 32 (80) 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 380 units on April 1 is assumed, under LIFO, to consist of the 370 units purchased March 2 and 10 units from beginning inventory 1-b. Does the use of a perpetual inveritory system result in a higher or lower Cost of Goods Sold than the periodic inventory system when costs are rising? Complete this question by entering your answers in the tabs below. Req 1A Req 18 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 380 units on April 1 is assumed, under LIFO, to consist of the 370 units purchased March 2 and 10 units from beginning inventory. UFO (Perpetual) Beginning Inventory Purchases March 2 Units Cost per Unit Total 230 S 26 $ 5.980 370 $ 28 June 30 1 280 $ 32 Total Purchases 650 19.320 Goods Available for Sale 880 25.300 Cost of Goods Sold Units from beginning inventory $ Units from March 2 purchase $ 28 Units from June 30 purchase $ 222 26 32 Total Cost of Goods Sold Ending Inventory