P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods LO7-2 Kirtland Corporation's accounting records showed the following at December 31: Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($7 each) d. Sale ($7 each) Required: Units 320 Unit Cost $5.00 220 380 2.60 6.00 (80) (620) a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31 under each of the four inventory costing methods. For Specific identification, assume the first sale was 40% from beginning inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning inventory, with the balance from the May 1 purchase. eBook Print eferences Complete this question by entering your answers in the tabs below. Req A Req B and C Compute the amount of goods available for sale. Goods available for sale < RecA Req B and C > References Req A Req B and C Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Ending inventory Cost of goods sold Average Cost First-In, First- Out Last-In, First- Out Specific Identification < Req A Peg B and C > Show less