i need the answer quickly Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its Inventory costingmethod at the end of each period, as if it uses à periodic inventory system. Assume its accounting records provided the followingInformation at the end of the annual accounting period, December 31.TransactionsBeginning inventory, January 1Transactions during the year:a. Purchase on account, March 2b. Cash sale, April 1 ($42 each)c. Purchase on account, June 30d. Cash sale, August 1 ($42 each)Units Unit Cost230370(380)280(80)$ 262832TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of thepurchases 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 thefollowing Inventory costing methods: (Round "Cost per Unit" to 2 decimal places.)a. Last-in, first-out.b. Weighted average cost.c. First-In, first-outd. Specific Identification, assuming that the April 1 sale was selected one-fifth from the beginning Inventory and four-fifths from thepurchase 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.Req 1AReq 1BReq 1CReq 1DReq 2AReq 2Ba. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using theLIFO method. (Round "Cost per Unit" anwers to 2 decimal places.)LIFO (Periodic)Beginning InventoryPurchasesMarch 2June 30Total PurchasesGoods Available for SaleUnitsCost perTotalUnit$00

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Description: i need the answer quickly Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its Inventory costingmethod at the end of each period, as if it uses à periodic inventory system. Assume its acco

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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. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) TIP: Although the purchases and sales Units Unit Cost 230 $ 26 370 (380) 28 280 32 (80)

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. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) TIP: Although the purchases and sales Units Unit Cost 230 $ 26 370 (380) 28 280 32 (80)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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