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. Transactions Units Unit Cost Beginning inventory, January 1 1,500 $ 40 Transactions during the year: a. Purchase, January 30 2,900 52 b. Sale, March 14 ($100 each) (1,150) c. Purchase, May 1 1,600 70 d. Sale, August 31 ($100 each) (1,600) 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