Gladstone Company trocks the number of units purchased and sold throughout each accounting period but applies its inventory costing method ot the end of each period, as if it uses a periodic inventory system. Assume its accounting rocords provided the following information at the end of the annual accounting period, December 31 . Assuming that for Specific identification method (item 1c) the March 14 sale was selected two-fifth from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods availoble 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. First-in, first-out. c. Specific identification, assuming that the March 14 sale was selected two-fiths from the beginning inventory and three-fiths 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 three methods, which will result in the highest gross profit? 2.b. Of the three methods, which will result in the lowest income tawes? Complete this question by entering your answers in the tabs below. 1. Compute the ambunt of goeds available for soke, ending imentory. and cost of goods sold at bocimber af under etch of the following inventary costing motheds a. Last in, first ourt 5. Fintin, firstort. balence from the purchase of May 1. 2-a. Of the three methoos, which will result in the highest gross prote? 2 b. Or the thee methods, which wall result in the lowest income taxes? Complete this question by enterieg your answers in the tabs below. Cempste the amount of pooss evalable for sale, onding inventery, and cost of goods sold at December 21 under each of the 1. Compute the amount of goods avallabie 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. First-in, first-out c. Specific identification, assuming that the March 14 sale was selected two-fifhs from the beginning inventory and thene finths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the becinning inventory, With the balance from the purchase of May 1. 2-a. Or the three methods, which will result in the highest gross proft? 2-b. Of the three methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Of the three methods, which will result in the highest gross proft? balance from the purchase of May 1 . 2-a. Of the three methods, which will result in the highest gross profit? 2-b. Or the three methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Of the three methods, which will result in the lowest income taxes
