Periodic Method Activity Units Acquired at Cost 400 units $14 5.600 200 units @ $15-3.000 300 units$164800 Units Sold at Retail Unit Inventory 400 units 200 units 400 units 200 units 500 units 750 units 450 units 550 units Date Jan. I Beg nentory Jan. IS Sale March 10 Purchase April Sale.... May 9 Purchase Sept. 22 Purchase Now I Sale Nox 28 Purcha.. . .100 units $21-2100 200 units $30 200 units $30 250 units @ $20. $ 5.000 300 units@ $35 Totals 1.250 units $20,500 700 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units@ $14 and 100 units @ $20 Required 1 Calculate the cost of goods available for sale 2 Apply the four different methods of inventory costing (FIFO, LIFO, weighted average, and specific identification) to calculate ending inventory and cost of goods sold under each method using the periodio system. 3 Compute gross profit earned by the company for each of the four costing methods in part 2. Also report the inventory amount reported on the balance sheet for each of the four methods. In preparing financial statements for year 2015, the financial officer was instructed to use FIFO but failed to do so and instead computed cost of goods sold according to LIFO. Determine the impact of the error on year 2015's income. Also determine the effect of this error on year 2016's income. Assume no income taxes