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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

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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 1,600 $ 45 Transactions during the year: a. Purchase, January 30 2,300 49 Sale, March 14 ($100 each) (1,250) c Purchase, May 1 1,900 75 d. Sale, August 31 ($100 each) (1.500) Assuming that for Specitle identification method (tem id) the March 14 sale was selected two-fifths from the beginning inventory and three-ths 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. Lastin tistout 6. Weighted average cost c. First.in, first-out d Specific identification, assuming that the March 14 sole was selected twofifths from the beginning inventory and three is 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 prom? 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. 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 2A Req 2B Compute the amount of goods available for sale, ending inventory, and cost of goods sold at inventory costing methods. (Round intermediate calculations to 2 decimal places and finala amount.) Amount of Goods Available Ending Inventory for Sale Cost of Goods Sold a. Last-in, first-out b. Weighted average cost c. First-in, first-out d. Specific identification Req 2A >

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