PA7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System LO 7-3 Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,800 $50 Transactions during the year: a. Purchase, January 30 2.500 62 b. Sale, March 14 ($100 each) (1,450) c. Purchase, May 1 1,200 80 d. Sale, August 31 ($100 each) (1,900) Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. PA7-4 ( Supplement 7A) Analyzing the Effects of the LIFO Inventory Method in a Perpetual Inventory System LO 7-S1 Using the information in PA7-1, calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale. Compare these amounts to the periodic LIFO calculations in requirement la of PA7-1. Does the use of a perpetual inventory system result in a higher or lower cost of goods sold when costs are rising