Inventory Costing Methods Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1, 2012, Gleem had: 2.600 units of product 3 with a unit cost of $60 per unit. A summary of purchases and sales during 2012 follows Unit Units Units Cost Purchased Sold an 1.600 MO 3,000 (June 13 2.000 Sept. 10 Nov.23 Dec 26 1.800 SE 70 75 100 1200 Required a. Assume that Gleem uses the first in first-out method. Compute the cost of spods sold for 2012 and the ending inventory balance at December 31,2012. for product B b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012. for product B. C. Assume that Gleem uses the weighted-average cost method Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product B Fre, tot Edgory Cost of Goom Sold Lastin festo Ending Cost of Gods Sald Wegned Aerate Erdinary Concordo d. Assuming that Gleem sells items that quickly become obsolete, which of these three inventory costing methods would you choose to Assume this is during a period of rising costs 1.Reflect the likely goods flow through the business? 2. Minimize income taxes for the period 3 3. Report the largest amount of net income for the period