Scrappers supplies tracks the numbers of units and sold throughout each accounting period but applies its inventory costing method at the end of each period as it if uses a periodic inventory system.

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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but a pplies its inventory costing 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 0 Transactions UnitsCost Beginning inventory, January 1 228 Transactions during the year: $24 a. Purchase on account, March 310 26 b. Cash sale, April 1 ($40 each) c. Purchase on account, June 30 27e 30 d. Cash sale, August 1 ($48 each) (80) TIP. Aishough the purchass and sales are listed in chronological order. Scrappers determines the cost of goods sold ater 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 tollowing inventory costing methods: (Round aLest-in, fest-out b. Weighted average cost c. First-in, first-out -cost per unit" to 2 decimal places d. Specific identification, assuming that the April 1 sale was selected one-fith from the beginning inventory and four-ifths 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 wil result in the lowest Income taxes? Answer is not complete. Complete this question by entering your answers in the tabs below Res 16 Reg 2A Prev 1 of Next> O Tyse here to search