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 Cost Beginning inventory, January 1 2,700 $.45 Transactions during the year: a. Purchase. January 30 3,050 6e b. Sale, March 14 ($100 each) (2,350) c. Purchase, May 1 1,750 75 d. Sale, August 31 (5100 cach) (2.000) Assuming that for Specific identification method (item 1d) 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? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 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 Sold Last in first-out b Weighted average cost First in first out d Specific identification Ng Req 21 > 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 kes Unit Transactions units Cost Beginning inventory, January 1 2.700 $ 45 Transactions during the year . Purchase, January 30 3,050 60 b. Sale, March 14 ($100 each) (2350) c. Purchase, May 1 1,750 75 d. Sale, August 31 (5100 each) (2.000) Assuming that for Specific identification method (tem 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. 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.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? Complete this question by entering your answers in the tabs below. Reg mee? Reg 28 of the four methods, which will result in the highest gross profit? Lastin, tout Weighted average cost Fistin fest out Specific identification 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 60 75 Unit Transactions Units Cost Beginning inventory, January 1 2,700 5.45 Transactions during the year: a. Purchase, January 30 3,050 b. Sale, March 14 ($100 each) (2,350) 6. Purchase, May 1 1,750 d. Sale, August 31 (5100 each) (2,000) 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 c. First in, first-out d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-Anths 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 2-6. Of the four methods, which will result in the highest gross profit? 2-b of the fout methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Rea 1 Reg 2A Red of the four methods, which will result in the lowest income taxes? Latin, first Weighted average cost first in it out Specific identification