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, Unit Transactions Units Cost Beginning inventory, January 1 2.30 $ 23 Transactions during the year a. Purchase on account, March 2 370 25 b. Cash sale, April 1 (539 each) (380) c. Purchase on account, June 30 280 29 d. Cash sale, August 1 (539 each) (80) 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 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. Reg 1A Reg 18 Req 10 Reg 1D Req 2A Req 28 a. 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.) Units Cost per Unit Total LIFO (Periodic) 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 Pon Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 1D Reg 2A Reg 28 b. Compute the cost of goods available 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.) Units Cost per Unit Total Weighted Average Cost (Periodic) Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Ragic Reg 10 Reg 2A Req 2B 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.) Units Cost per Unit Total FIFO (Periodic) 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 c Reg 1A Reg 1B Req 1C Req 10 Red 2A Reg 28 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-fifth from the beginning inventory and four-fiths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Unit" anwers to 2 decimal places.) Show less Units Cost per Unit Total Specific Identification (Periodic) 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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Reg 10 Req 2A Reg 28 of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First-in, first-out Specific identification Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg IC Reg 10 Req ZA Reg 28 Which will result in the lowest income taxes? Last-in, first-out Weighted average cost First-in, first-out Specific identification