1. reagriecu aret onge curs c. First-in, first-out. d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fiths 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. 2-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. Or the four methods, which will result in the highest gross profit? PA7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic inventory System [LO73] Gladstone Company tracks the number of units purchased and sold throughout each accounting petiod but applies its inventory costing method at the end of each petiod, as if it uses a periotic inverifory sylem. Assume ins accounting reconds provided the following information at the end of the ansad accounting period, December 31 thee-finths foem the purchase of January 20 . Required: 1. Compule the amount of goock avaluble for sale, ending inventory, and cost of goods vold at December 37 under exch of the following inventory costing methods: a. Lastin, first-cut b. Weighted average cost. e. Fist in firstout. d. Specific identification, assuming that the March 14 sale was selected wo fifths from the begrning irventory and thee-finhs from the purchase of Jinuary 30. Assume that the sale of Augat 31 wis selected from the remainder of the beginning inverfory, with the balance from the purchase of Miry 1 2-0. Of the four methods. wich will result in the highest gross profit? 2-b. Of the four methods, which will resut in the lowest income taxes? c. First-in, first-oit. d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three fifths from the purchase of Jaruary 30 Assume that the sale of August 31 was salected from the temander of the Deginning irvemory, with the balance from the purchase of Myy 1 2-a, Of the four methods. which wil result in the higinest gioss proch? 2.b. Ot the four methods, which will result in the lowest inconet taves? Complete this question br entering vosir answers in the tabs bedow. amount. 1. wenymec averenge cush. c. First-th, firsticut. d. Specific identification, assuming that the March 14 sale was selected two-fifhs from the beginning irventory and three fifuts from the purchase of January 30 . Assume that the sale of August 31 was sclected from the remainder of the beginning invendory, with the balance from the purcharse of May 1 2-0. Of the four methods, which wit 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. Of the four methods, which will result in the lawest income taxes
