15 Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its 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 Unit Units Cost 1,800 $50 January 1 Transactions during the year a. Purchase, January 30 2,500 (1,450) 1,200 80 62 Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 (1,900) Assuming that for Specific identfication method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths 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. 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: Ending Available for Inventory Goods Sold Goods Cost of Weighted average c. First-in, first-out Specific O. identification Of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First-in, first-out Specific identification Of the four methods, which will result in the lowest income taxes? b. Last-in, first-out Weighted average cost First-in, first-out