Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applles 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 Cost $ 32 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($48 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($48 each) 170 330 34 (418) 220 38 (80) Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April 1 is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. 1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods Sold than the periodic inventory system when costs are rising? Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April i is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming It applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April 1 is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. LIFO (Perpetual) Units Cost per Unit Total Beginning Inventory 170 32 5.440 Purchases March 2 330 $ 34 June 30 220$ 38 Total Purchases 550 19,580 Soods Available for Sale 720 25,020 Cost of Goods Sold Units from beginning inventory 720 S Units from March 2 purchase Units from June 30 purchase Total Cost of Goods Sold 720 Ending Inventory