P6-4B. Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic in- ventory system. On January 1, 2015, Gleem had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2015 follows Units Unit Cost Purchased Units Sol 1,600 Mar. 8 $44 3,000 2,000 800 1,200 Sept. 19 46 48 Dec. 28 1,800 Required a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2015 b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2015 c. Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold for d. Assuming that Gleem sells items that quickly become obsolete, which of these three inventory and the ending inventory balance at December 31, 2015, for product B and the ending inventory balance at December 31, 2015, for product B 2015 and the ending inventory balance at December 31,2015, for product B costing methods would you choose to 1. Reflect the likely goods flow through the business? 2. Minimize income tax for the period? 3. To report the largest amount of net income for the period? Explain vour answers P6-4B. Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic in- ventory system. On January 1, 2015, Gleem had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2015 follows Units Unit Cost Purchased Units Sol 1,600 Mar. 8 $44 3,000 2,000 800 1,200 Sept. 19 46 48 Dec. 28 1,800 Required a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2015 b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2015 c. Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold for d. Assuming that Gleem sells items that quickly become obsolete, which of these three inventory and the ending inventory balance at December 31, 2015, for product B and the ending inventory balance at December 31, 2015, for product B 2015 and the ending inventory balance at December 31,2015, for product B costing methods would you choose to 1. Reflect the likely goods flow through the business? 2. Minimize income tax for the period? 3. To report the largest amount of net income for the period? Explain vour answers