HELP

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 $31.$

Assuming that for Specific identification method $($item $1$d$)$ the March $14$ sale was selected two$-$fifths from the beginning inventory and

three$-$fifths from the purchase of January $30.$

Required:

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.

Of the four methods, which will result in the highest gross profit?

Last$-$in$,$ first$-$out

Weighted average cost

First$-$in$,$ first$-$out

Specific identification$[$LO $07-3]$

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.