information at the end ot the accounting period on December 31. Transactions Beginning inventory, Jan 1 Transactions during the year: a. Purchase, Jan 30 b. sale, March 14 (S100each) c. Purchase, May 1 d. sale, Aug each) Required Unit Cost 1,800 (1,450) 1,200 1. 2. Compute the amount ot goods available tor sale, ending inventory, and cost ot goods sold at December 31 under each ot the following inventory costing methods: Last in, first out b. Weighted average cost c. First in, first out d. Specific Identification (assume that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase on 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 Of the tour methods, which WII result in the highest gross profit? Which WII result in the lowest income taxes?