*Options for the first column are: cost of sales, goods available for sale, merchandise inventory, operating expense, sales revenue

*Options for the second column are: no journal entry required, cost of sales, interest payable, inventory, purchases, sales, trade payables, trade receivables, wage expense

At the end of January 2018, the records of Regina Company showed the following for a particular item that sold at $18 per unit. Assume that all sales and purchases are on account: Amount $2,500 Transactions Inventory, January 1, 2018 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Units 500 (400) 600 (300) 160 3,600 1,280 Required: 1. Assuming the use of a perpetual inventory system, prepare a summarized statement through gross profit on sales under each of the following inventory costing methods: (a) weighted average cost, (b) FIFO, and (c) specific identification, assuming that the company is permitted to use this method. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out Round your intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) REGINA COMPANY Partial Statement of Earnings For the Month Ended January 31, 2018 . (a) (b) Weighted- FIFO Average Cost (c) Specific Identification 0 $ 0 $ 2a. Which method would result in the highest pretax earnings? O FIFO Weighted average cost Specific identification 2b. Which method would result in the lowest income tax expense? Weighted average cost O FIFO Specific identification 2c. Which method would result in the most favourable cash flow? Weighted-average cost Specific identification O FIFO 3. Prepare journal entries to record the transactions that occurred in January 2018, assuming that FIFO is try is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record sales on account. Note: Enter debits before credits. General Journal Debit Credit Date January 10 Record entry Clear entry View general journal 3. Prepare journal entries to record the transactions that occurred in January 2018, assuming that FIFO is used for inventory costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 4 5 6 Record cost of sales on goods sold on account. Note: Enter debits before credits. Date General Journal Debit Credit January 10 Record entry Clear entry View general journal Journal entry worksheet