PA7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Gladstone Compary tracks the number of units purchased and sold throughout each accounting period but apples its inventory costing method at the end of each period, as if it uses a periodic inventery system. Assume its accounting recoeds peovided the following information at the end of the annual accounting period, December 31 Assuming that for Specific identifcation method (item 1d) the March 14 sale was selected two fifths from the beginning inventory and three-tinths from the purchase of January 30 Pequired: 1. Compute the amount of goods avalable for sale, ending inventory, and cost of goods sold at December 31 under each of the following imemory costing methods: a. Lastian, firstout. b. Weighted average cost c. First in, first - out the purchase of January 30 . Assume that the sale of August 31 was selected from the remainder of the beginneg inventory, with the balance from the parchase of May 1 2-a. Or the four methods, which will result in the highest gross prota? 2-b. Ot the four methods. which will result in the lowest income tawes? Answer is complete but not eatirely correct. Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute the amount of goods avaltable for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole doliar ing armocint.]