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 Transactions Units Cast Beginning Inventory, January 1 2,300 $60 Transactions during the year: a. Purchase, January 30 3,500 72 b. Sale, March 14 $100 cach) (1,950) c. Purchase, May 1 2,200 90 d. Sale, August 31 (5100 each) (2,400) Assuming that for Specific identification method (item 1c) 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. 2-0. 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? Cannlete this question by entering van answers in the tabs below D weighted average cost. c. 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-o. 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? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the Inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Amount of Goods Available for Sale Ending Inventory Cost of Goods Sald a Last-in, first-out b. Weighted average cost c First-in, first-out d. Specific identification Req 2A > 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 c. Furst-in, first-out d. Specific identification, assuming that the March 14 sale was selected two-fiths 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 2.0. 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? Complete this questi, by entering your answers in the tabs below. Red 1 Reg 2A Reg 2 of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First in, first-out Specific identification 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 c. 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-o. 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? Complete this question by entering your answers in the tabs below. Reg 1 Req ZA B2B 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
