Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1 Gleem had: 2,600 units of product B with a unit cost of $60 per unit. A summary of purchases and sales during the year follows: Unit Units Units Cost Purchased Sold Jan 1.600 Mar 164 3000 June 12 Sept.19 2,000 70 00 1,200 Nov 23 75 Dec.28 Required 1.800 a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B. b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B c. Assume that Gleem uses the weighted average cost method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B First-in, Rest-out Ending inventory Cost of Goods Sold s Lantin, first-out Ending Inventory Cost of Goods Sold $ c. Weighted Average Ending Inventory $ Cost of goods sold s 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. Report the largest amount of net income for the period? O 0