Refer to the information in Problem 6-3B and assume the periodic inventory system is used.

Required 1. Compute cost of goods available for sale and the number of units available for sale.

2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using

(a) FIFO,

(b) LIFO,

(c) weighted average, and id) specific identification. (Round all amounts to dollars and cents.)

4. Compute gross profit earned by the company for each of the four costing methods in part 3.

Analysis Component 5. If the company’s manager earns a bonus based on a percentage of gross profit, which method of inven¬ tory costing will the manager likely prefer?