Complete this question by entering your answers in the tabs below.Req 1AReq 1BReq 10Req 1DReq 2AReq 2Bc. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using theFIFO method. (Round "Cost per Unit" anwers to 2 decimal places.)FIFO (Periodic).Cost perUnitUnitsTotalBeginning Inventory$PurchasesMarch 2June 30Total PurchasesGoods Available for SaleCost of Goods SoldUnits from Beginning InventoryUnits from March 2 PurchaseUnits from June 30 PurchaseTotal Cost of Goods SoldEnding InventoryReg 1BReg 1D> Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided thefollowing information at the end of the annual accounting period, December 31.Unit Cost$33TransactionsUnitsBeginning inventory, January 1Transactions during the year:a. Purchase on account, March 2b. Cash sale, April 1 ($49 each)c. Purchase on account, June 30d. Cash sale, August 1 ($49 each)190295(340)2403539(95)TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all ofthe 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 ofthe 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 fromthe purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 3O.2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes?

Name: Complete this question by entering your answers in the tabs below.Req
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Complete this question by entering your answers in the tabs below.Req 1AReq 1BReq 10Req 1DReq 2AReq 2Bc. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using theFIFO method. (Round "Cost