FORUWU WHO LORTU OLE OLLURULUU, LULU OL Unit Cast $.45 Transactions Beginning inventory, January 1 Transactions during the year # Purchase, January 30 Sale, March 14 (5100 each) c. Purchase, May 1 d. Sale, August 31 ($180 each) Units 1,600 2,300 (1,250) 1.000 (1,500) 49 75 Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, 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: a. Last-in, first-out. b. Weighted average cost. First-in, first-out. d. Specific identification, assuming that 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 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