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 (540 each) c. Purchase on account, June 30 d. Cash sale, August 1 (140 each) Required: Units 220 Unit Cost $24 310 (370) 26 270 30 the IFO 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the IFO cost method perpetually at the time of each sole. TIP: The sale of 370 units on April 1 is assumed, under LIFO, to consist of the 310 units purchased March 2 and 60 units from beginning inventory. 1-b. Does the use of a perpetual inventory 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 370 units on April 1 is assumed, under LIFO, to consist of the 310 units purchased March 2 and 60 units from beginning inventory.. LIFO (Perpetuat Beginning Inventory Purchases March 2 June 38 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 Units Cost per Unit Total Req 15>