1 29 Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies to 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 Unit Beginning inventory. January 1 Units Cost 1.600 Transactions during the year #. Purchase, January 3.650 50 b. Sale, March 14 (5100 each (2.000) C. Purchase, May 1 d. Sale, Augusti (100 each) 2.350 70 (2,5001 Assuming that for specific Identification method tom the March 14 sale wat selected two fiths from the beginning inventory and three-fifths from the purchase of January 30 Required: 1. Compute the amount of goods available for sale ending wentary and cost of good tod t December under auch of the following inventory costing methods Lastin, first-out Weighted average cost c. First in, first-out d. Specific identification, assuming that the March 4 sale was selected two from the beginning inventory and venith from the purchase of January 30. Assume that the sale of August was selected from the remainder of the beginning inventory will the bstance from the purchase of May 2-a. Or 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 26 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 nearest whole dollar amount) Cost of Good Amount of Good Available for sending Inventory a Last-in, first-out b. Weighted average cost c. First-in, first-out d. Specific identification Reg 2 > 2-b. Of the four methods, which will result in the lowest income taxes? 8 01:28:45 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B of the four methods, which will result in the highest gross profit? OLast-in, first-out Weighted average cost First-in, first-out Specific identification