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 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($48 each) c. Purchase on account, June 3 d. Cash sale, August 1 ($48 each) $32 34 38 170 330 (320) 220 (88) 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 3 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest he tabs below. Complete this question by entering your answers in t Req 1D Req 2A Req 28 Req 1A Req 18 Req 1c 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.) ighted Average Cost (Periodic) Cost per Total Units 70 $ 3200$ 5,440 Beginning Inventory 330 34.00 220 S 38.00 550 720 400 March 2 June 30 19,580 Total Purchases Goods Available for Sale Cost of Goods Sold Prey 10, 5EE Next >