3 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 3 points Book Units Unit Cost 200 $30 Print Transactions Beginning inventory, January 1 Transactions during the year a. Purchase on account, March 2 b. Cash sale. April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale. August 1 ($46 each) 32 References 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 gobas sold at December 31 under each of the following inventory costing methods (Round "Cost per Unit" to 2 decimal places.) 6. Lost in first-out s prev 2 of 18 ! Next Gr HA 3 yuuuuuuULELE UL. LULUI WELUT LRTY (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out nts LIFO (Periodic) eBook Units Cost Prrit 200 $ 6,000 References Goods Available for Sale Cost of Goods Sold Ending Inventory b Weighted average cost Prex 3:16 Next b. Weighted average cost Weighted Average Cost (Periodic) ok Units Cost nces Goods Available for Sale Cost of Goods Sold Ending Inventory First in first out c. First-in, first-out. FIFO (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending Inventory d. Snelfientificati d. Specific identification: . 70 units from the April 1 sale was selected from the beginning inventory. The other 280 units from the April 1 sale came from the purchase of March 2 The entire sale of August 1 was selected from the purchase of June 30. BOK int ences Specific Identification (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending inventory Prev 3:16 Next