LO2, 3 method applied to each item of nventory. P6-4B. Inventory Costing MethodsPeriodic Method The Glenn Sales Corporation uses the periodic in- ventory system. On January 1, 2018, Glenn had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2018 follows: Units Purchased Units Sold Unit Cost 1,600 $44 3,000 2,000 Jan. 3 Mar. 8 June 13. Sept. 19 Nov. 23 Dec. 28 46 50 800 1,200 1,800 c. Required a. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. b. Assume that Glenn uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. Assume that Glenn uses the weighted-average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. d. Assuming that Glenn sells items that quickly become obsolete, which of these three inventory costing methods would you choose to: 1. Reflect the likely goods flow through the business? 2. Minimize income tax for the period? 3. Report the largest amount of net income for the period? Explain your answers