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 Unit Units Cost 5.24 26 30 Transactions Beginning inventory, January 1 200 Transactions during the years 8. Purchase on account, March 2 300 b. Cash sale, April (540 each) (350) c. Purchase on account, June 30 250 d. Cash sale, August 1 (540 each) (50) 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. Last-In, 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 1 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? Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 1C Reg 10 Req2A Reg 20 a. Compute the cost of goods available for sale, cost of ending Inventory, and cost of goods sold at December 31 using the LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) Cost per LIFO (Periodic) Units Total Unit Beginning Inventory 200 $ 24.00 5 4.800 Purchases March 2 300 $ 26.00 June 30 250 3 30.00 Total Purchases 550 15,300 Goods Available for Sale 750 Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold 0 Ending Inventory RIA Req 18 > Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Reg 10 Reg 2A Reg 28 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.) Welghted Average Cost (Periodic) Cost per Units Total Unit Beginning Inventory $ 0 Purchases March 2 June 30 Total Purchases 0 Goods Available for Sale Cost of Goods Sold $ Ending Inventory 0 0 in the tabs below. Req 1A Reg 1B Reg 10 Reg 1D Reg 2A Reg 2B 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.) Units Cost per Unit Total 0 FIFO (Periodic) 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 0 0 0 ok ough the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold afterallo 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 o following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, 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 fror purchase of March 2. Assume that the sale of August 1 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? nt 3 ences Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1C Reg 1D Reg 2A Reg 28 d. Compute 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 Units Cost per Unit Total $ 0 0 Specific Identification (Periodic) 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 Prey 1 of 2