velue: 2.00 points CP7-1 Analyzing the Effects of Four Alternative Inventory Costing Methods [LO 7-3] Scrappers Supplies tracks the number of units purchased and sold throughout e system. Assume its acoounting records provided the following information at the end of the annual each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory accounting period, December 31 Units Unit Cost 190 $33 Beginning inventory, January 1 Transactions during the year a. Purchase on account, March 2 b. Cash sale, April 1 ($49 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($49 each) 295 35 (340) 240 39 (95) 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 Cost perTotal Unit Beginning inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending inventory