Need help with all of these please!! Scrappers Supplies tracks the number of uni

Question

Need help with all of these please!!

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 Units Unit Cost 200 $24 Beginning inventory, January 1 Transactions during the year a. Purchase on account, March 2 b. Cash sale, April 1 (S40 each) C. Purchase on account, June 30 d. Cash sale, August 1 ($40 each) 300 (350) 250 (60) 26 30 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. IFO (Periodic) Units Cost per Unit Beginning Inventory 0 Purchases March 2 June 30 Total Purchases 0 0 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 0 0 Ending Inventory

Explanation / Answer

LIFO UNITS COST PU TOTAl Beginning Inventory 200 24 4800 Purchases 2-Mar 300 26 7800 30-Jun 250 30 7500 Goods available for sale 750 20100 Cost of goods sold Units from Beg. Inv. 0 24 0 Units from mar2 purchases 160 26 4160 Units from June30 purchases 250 30 7500 Total cost of goods sold 410 11660 Ending Inventory 340 8440 FIFO UNITS COST PU TOTAl Beginning Inventory 200 24 4800 Purchases 2-Mar 300 26 7800 30-Jun 250 30 7500 Goods available for sale 750 20100 Cost of goods sold Units from Beg. Inv. 200 24 4800 Units from mar2 purchases 210 26 5460 Units from June30 purchases 0 30 0 Total cost of goods sold 410 10260 Ending Inventory 340 9840 Weighted Average UNITS COST PU TOTAl Beginning Inventory 200 24 4800 Purchases 2-Mar 300 26 7800 30-Jun 250 30 7500 Goods available for sale 750 26.8 20100 Cost of goods sold 410 26.8 10988 Ending Inventory 340 26.8 9112 Specific Identification UNITS COST PU TOTAl Beginning Inventory 200 24 4800 Purchases 2-Mar 300 26 7800 30-Jun 250 30 7500 Goods available for sale 750 20100 Cost of goods sold Units from Beg. Inv. 70 24 1680 Units from mar2 purchases 280 26 7280 Units from June30 purchases 60 30 1800 Total cost of goods sold 410 10760 Ending Inventory 340 9340 FIFO shows the highest Gross profit LIFO results in lowest income tax

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