Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventor 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 arnual accounting period, December 31 . Assuming that for Specific identification method (item Id) the March 14 sale was selected two-fifths from the beginning inventory o 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. Specificidentification, assuming that the March 14 sale was selected two-fiths from the beginning inventory ard three-fituss fro the purchase of January 30 . Assume that the sale of August 31 wos se ected fom the remainder of the beginning inventory, with balance from the purchase of Moy 1. 2-a. Of the four methods. which wiliresuit in the nighest gross profit? 2-b. Of the four methods, which will result in the lowest incame taxes? Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 (\$100 each) c. Purchase, May 1 d. Sale, August 31 (\$100 each)