Please help me with all answers thanku 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 a 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 ($45 each)c. Purchase on account, June 30d. Cash sale, August 1 ($45 each)Required:Req 1A1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost methodperpetually at the time of each sale. TIP: The sale of 320 units on April 1 is assumed, under LIFO, to consist of the 285 unitspurchased March 2 and 35 units from beginning inventory.1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods Sold than the periodic inventory systemwhen costs are rising?Req 18Complete this question by entering your answers in the tabs below.LIFO (Perpetual)Beginning InventoryPurchasesMarch 2June 30Units170Total PurchasesGoods Available for SaleCost of Goods SoldUnits from beginning inventoryUnits from March 2 purchaseUnits from June 30 purchaseTotal Cost of Goods SoldEnding Inventory285(320)220(40)Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost methodperpetually at the time of each sale. TIP: The sale of 320 units on April 1 is assumed, under LIFO, to consist of the 285 unitspurchased March 2 and 35 units from beginning inventory.Units Cost per Unit Total$Unit Cost$ 29310350000eDrau0www

Name: Please help me with all answers thanku Scrappers Supplies tracks the n
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Description: Please help me with all answers thanku 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 a periodic inventory system. As