1 1004 Sem Gladstone Company tracks the number of units purchased and sold throughout each accounting period but apolles its inventory costing method at the end of each period, as 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 Unit Beginning inventory, January 1 Units Cost Transactions during the years $40 a. Purchase, January 30 3,658 b. Sale, March 14 5180 each 54 (2.000) c. Purchase, May 1 3,350 70 d. Sale, August 31 (5100 each) (2,500) Assuming that for Specific identification method (tem to the March 14 sale was selected twofths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods a. Last.in, first-out. b Weighted average cost c. First in, first-out d. Specific identification, assuming that the March 14 sale was selected two ths from the beginning inventory and threesom the purchase of January 30 Assume that the sale of August 31 was selected from the remainder of the beginning inventory with the balance from the purchase of May 1 22-a. Of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest income taxes? 010001 waren 14 sale was selected two fifths from the beginning inventory and free from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory with the balance from the purchase of May 1 22-a. Of the four methods, which will result in the highest gross profit? 2.b. Of the four methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Compute the amount of goods available for sale, ending Inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the part whole dolar amount.) Amount of Goods Available for sending Inventory Cost of Goods Solu fa Last-in, first-out b. Weighted average cost c. First-in, first-out d. Specific identification B2 >