Hi, can someone help me in this assignment with explanation?

At the end of January 2018, the records of Regina Company showed the following for a particular item that sold at $18 per unit. Assume that all sales and purchases are on account: Transactions Units Amount Inventory, January 1, 2018 500 $2,500 Sale, January 10 (400) Purchase, January 12 600 3,600 Sale, January 17 (300) Purchase, January 26 160 1,280 Required: 1. Assuming the use of a perpetual inventory system, prepare a summarized statement through gross prot on sales under each of the following inventory costing methods: (a) weighted-average cost, (b) FIFO. and (0) specic identication, assuming that the company is permitted to use this method. For specic identication, assume that the rst sale was out of the beginning inventory and the second sale was out of the January 12 purchase. (Round your intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) Goods available for sale Cost of sales Gross prot 2a. Which method would result in the highest pretax earnings? =7- FIFO FV Weighted-average cost rV Specific identication 2b. Which method would result in the lowest income tax expense? rV Weighted-average cost =7- FIFO rV Specific identication 20. Which method would result in the most favourable cash ow? rV Weighted-average cost (V Specific identication C FIFO 3. Prepare journal entries to record the transactions that occurred in January 2018, assuming that FIFO is used for inventory costing. (If no entry is required for a transactionlevent, select "No journal entry required\" in the rst account field.) View transaction list Journal entry worksheet Record sales on account. Note: Enter debits before credits. Record entry Clear entry View general journal