applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. period, 31 1.800$50 Transactions during the year: January 30 2,50082 (1.450) 1,20080 (1.900) b Sale, March 14 ($100 each) 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 Required: 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 1. ost of Goods Sold Amount of Sale dentfoat 2-a. Of the four methods, which will result in the highest gross profit? Last-in, first-out O Weighted average cost O First-in, first-out O Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? O Last-in, first-out O Weighted average cost O Specific identification