PA7-1 (Algo) Analyzing the Effects of Three Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Gladstone Company tracks the number of tinits purchased and sold throughout each accounting period but applies its impentory costing method at the end of each period, as if it uses a periodicimentory systeen Assume its accounting iecords provided the following information at the end of the anrual accounting period, December 31 Assuming that for Specific identification method (item 1c) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purehese of Januery 30 . Required; 1. Compute the amount of goods available for sale, ending inventory, and cost of gopds sold at December 31 under each of the followirig inventory costing methods: a. Last in, first-otit: b. First in. first-oul. c. Specific identification, assuming that the March 14 sale was selected two fitios from the beginning irventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the formainder of the begining inventory, wilh the balance from the purchase of Misy 1. 2-6. Of the three methods which will result in the highest gross profit? 2-b. Of the three methods. Which will result in the lowe-st income taowes? Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at Dece inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers amount, Complete this question by entering your answers in the tabs below. Of the three methods, which will result in the highest gross profit? Complete this question by entering your answers in the tabs Of the three methods, which will result in the lowest income taxes? -ast-in, first-out First-in, first-out Specific identification