HW 6-1Gladstone Company tracks its inventory using a periodic inventory system and recorded the following information at the end of the accounting period on December 31.

TransactionsUnitsUnit Cost

Beginning inventory, Jan 11,800$50

Transactions during the year:

a.Purchase, Jan 302,500$62

b.Sale, March 14 ($100 each)(1,450)

c.Purchase, May 11,200$80

d.Sale, Aug 31 ($100 each)(1,900)

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.Specific Identification (assume that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase on 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