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. Req 1 Req 2A Req 2B of the four methods, which will result in the lowest income taxes? Weighted average cost OFirst-in, first-out Last-in, first-out Specific identification Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B of the four methods, which will result in the highest gross profit? Weighted average cost First-in, first-out Last-in, first-out Specific identification PB7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Mojo Industries 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 accounting period, January 31. The inventory's selling price is $8 per unit. Unit Cost $ 2.00 Transactions Inventory. January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 2.50 Units total cost 200 5400 (140) 250 625 (100) 50 175 3.50 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following Inventory costing methods 2. Weighted average cost b. First-in, first-out. c. Last-in, first-out d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase 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