Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December $31$ under each of the following inventory costing methods: $($Round "Cost per Unit" to $2$ decimal places.$)$

a$.$ Last$-$In$,$ first$-$out.

b$.$ Weighted average cost.

c$.$ First$-$in$,$ first$-$out.

d$.$ Specific identification, assuming that the April $1$ sale was selected one$-$fifth from the beginning inventory and four$-$fifths from the purchase of March $2.$ Assume that the sale of August $1$ was selected from the purchase of June $30$

Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes?

Complete this question by entering your answers in the tabs below.

a$.$ Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December $31$ using the LIFO method. $($Round "Cost per Unit" anwers to $2$ decimal places.$)$

$\backslash$table$[[\backslash$table$[[$LIFO $($Periodic$)],[$Beginning Inventory$]],\backslash$table$[[$Units$],[140]],\backslash$table$[[$Cost per$],[$Unit$]],$Total$],[$$$,23\mathrm{.}00,s,3,220],[$Purchases$],[$March $2,310,$$$,25\mathrm{.}00,,],[$June $30,190,$$$,2900,,],[$Total Purchases,$500,,,,13,260],[$Goods Available for Sale,$640,,,,16,480],[$Cost of Goods Sold$],[$Units from Beginning Inventory,$0,$$$,0\mathrm{.}00,,],[$Units from March $2$ Purchase,,$$,25\mathrm{.}00,,],[$Units from June $30$ Purchase,$190,$$$,2900,,],[$Total Cost of Goods Sold,$190,,,,5,510],[$Ending Inventory,$280,,,,]]$