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. Unit Cust Beginning inventory, January 1,800 550 Transactions during the year a Purchase, January 30 2,500 62 b. Sale, March 14 ($100 (1,450 each) ) c. Purchase, May 1 1,200 80 d. Sale, August 31 ($100 (1,900 cach) 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