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 applles 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 $16 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 200 $1,200 Sale, January 10 (140) Purchase, January 12 1,625 Sale, January 17 (150) Purchase, January 26 $6.00 6.50 250 7.50 50 375 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.) 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? Weighted average cost First-in, first-out Last-in, first-out Specific identification