PB7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7- 3] Mojo Industries 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 accounting period, January 31 The inventory's selling price is $13 per unit. Unit cost $4.50 Total Cost $1,395 Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Units 310 (260) 360 (100) 190 1,500 6.00 480 Assume that for Specific Identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a. Weighted average cost b. First-in, first-out c. Last-in, first-out d. Specific identification 2-a. Of the four methods, which will result in the highest gross profit? O Weighted average cost O First-in, first-out O Last-in, first-out Specific identification 2-b.Of the four methods, which will result in the lowest income taxes? Weighted average cost First-in, first-out O Last-in, first-out O Specific identification PA7-3 Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug The company reported the following amounts in its financial statements (in Millions 2015 $6,160 Net Sales Cost of Goods Sold Beginning Inventory Ending Inventory 56,100 5.000 520 200 4.500 510 520 Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2016 and 2015 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) 2016 Limes per year Inventory Turnover Ratio Days to Sell times per year days