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. Units 200 Unit Cost $30 32 Transactions Beginning inventory, January 1 Transactions during the year 0. Purchase on account, March 2 b. Cash sale, April 1 (546 each) c. Purchase on account, June 30 d. Cash sale, August 1 (546 ench) 300 (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 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 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. Req1A Rea 18 Reg 1C Reg 10 Reg 2A Reg 28 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.) LIFO (Periodich Cost per Units Total Unit $ 30,00 6,000 200 Beginning inventory Purchase