O thon 5 Not yet answered Marked out of 100 Flag question Inventory Costing Methods.Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1, 2012, Gleem had: 2600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2012 follows: Unit Units Units Cost Purchased Sold 1.600 Mar8 544 3.000 June 13 2.000 Sept 19 0 00 Nov.23 ss 1,200 Dec28 1.800 Required a. Assume that Gleem uses the first in, first-out method. Compute the cost of goods 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 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 a First-in First-out Ending Inventory Cost of Goods Sold $ b. Last in, first-out: Ending Inventory S Cost of Goods Sold $ Weighted Average Ending Inventory Cost of goods sold 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