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 1 200 $30 Transactions during the year: a. Purchase on account, March 2 300 32 b. Cash sale, April 1 (546 each) (350) C. Purchase on account, June 30 250 36 d. Cash sale, August 1 (546 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: 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-fiths from the purchase of March 2. Assume that the sale of August 1 was elected 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. Req 1A Reg 1B Reg 10 Reg 10 Red 2A Reg 28 a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the na turnir" anwers to decimal places