TIP. Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurted Required: 1. Compute the cost of goods avaliable 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 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. b. Compute the cost of goods avallable 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.) 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 avaliable 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. Firstin, 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. a. Compute the cost of goods avaitable 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.) 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 everage 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. c. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the FIFO method, (Round "Cost per Unit" anwers to 2 decimal places.) 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 avallable 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 Morch 2 Assume that the sale of August I 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. d. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one-fith from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of Aupust I was selected from the purchase of June 30. (Round "Cost pe Unit" anwers to 2 decimal places;)
