Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its Inventory cosung 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 Units 299 Unit Cost 530 32 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April i (546 each) c. Purchase on account, June 39 d. Cash sale, August 1 (546 each) Bee (350) 250 (50) 36 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 cosung methods: 6. 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? Req 1A Req 1B Req 1C Reg 10 Req 2B Reg 2A a. Compute the cost of goods available for sale, cost of ending inventory, and cost of a LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) Units LIFO (Periodic) Cost per Unit Total 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 Req 1B > Req 1A Reg 1B Req 10 Reg 1D Reg 2A Reg 2B b. Compute the cost of goods available for sale, cost of ending inventory, and cost of Weighted average method. (Round "Cost per Unit" anwers to 2 decimal places.) Weighted Average Cost (Periodic) Units Cost per Unit Total Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Req 1A Req 1B Reg 2B Reg 1c Reg 1D Req 2A C. Compute the cost of goods available for sale, cost of ending inventory, and cost of g FIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) Cost per Total Units FIFO (Periodic) Unit 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 Req 1A Reg 1B Reg 10 Reg 1D Reg 2A Reg 2B d. Compute the cost of goods available for sale, cost of ending inventory, and cost of Specific identification method. Assume that the April 1 sale was selected one-fifth fro from the purchase of March 2. Assume that the sale of August 1 was selected from t Unit" anwers to 2 decimal places.) Cost per Specific Identification (Periodic) Units Total Unit 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 Reg 1A Reg 1B Reg 1c Req 1D Req 25 Reg Of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First-in first-out Specific identification Which will result in the lowest income taxes? Last-in, first-out Weighted average cost First-in, first-out Specific identification