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 . 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: 1. Last-in, first-out. 2. Weighted average cost. 3. First-in, first-out. 4. 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. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Sandals Company is preparing the annual financial statements dated December 31 . Ending inventory is presently recorded at its total cost of $5,465. Information about its inventory items follows: Required: 1. Compute the LCM/NRV write-down per unit and in total for each item in the table. Also compute the total overall write-down for all items. 2. How will the write-down of inventory to lower of cost or marketet realizable value affect the company's expenses reported for the year ended December 31 ? 3. Compute the amount that should be reported for the inventory on December 31 , after the LCM/NRV rule has been applied to each item. E7.15 Anelyaing and interpeting the heentacy Tumover forio 107.5 tin millints Polaris indutries ine. Aratic Cat fexton ine. Requeet - Ancic Cat had a kown promi monk petounape that Rilerih