Gladstone company trace the number of units purchased and sold through each accounting period but applies its inventory costing method at the end of each., As if he uses the periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period December 31

ter 7 Homework Help Save & Exit Submit Check my work Gladstone Company 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 annual accounting period, December 31 Units Transactions Reginning inventory, January Unit Cost S 65 0123 1.700 76 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($109 each) C. Purchase, May 1 Sale, August 31 ($100 each) 2,750 (1,350) 1,450 (1,890) 95 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. 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 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 (Round intermediate calculations to 2 decimal places and final answers to the nearest Prev 1 of 4 !!! Next > 9:28 AM A dd D Type here to search ASUS heps:/ewconnectedcation.com/flow/connect Chapter 7 Homework Help Seve & Exit Submit Check my work eacny 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. 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 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 (Round Intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Amount of Goods Cost Cost of Goods Available for Sale Ending Inventory a Lastirst out Weighted average cost First in tout Specific identification d Prev 1 of 4 Next > ASUS > M w enecheducation.com focomechel Chapter 7 Homework Help Seve & Exh Submit Check my work 1 Spedicidulilation 2-. Of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost O first in, first out Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? in tutt Prev 1 of 4 !! Next > risus Help Save & Exit Submit Chapter 7 Homework Check my work 2-a. Of the four methods, which will result in the highest gross profit? O Last-in, first-out O Weighted average cost O First-in, first-out Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? Last-in, first-out Weighted average cost First in, first out Specific identification of 4 !! Next > SUS