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Please do this ASAP I will upvote :) Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its
Please do this ASAP I will upvote :)
Gladstone Limited 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 . 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. For Specific identification, assuming that the March 14 , sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 , was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 (Do not round Weighted overage cost per unit. Round your final answers to the nearest dollar amount.) 2-a. Of the three methods, which will result in the highest gross profit? Weighted average cost First-in, first-out Specificidentification 2-b, Of the three methods, which will result in the lowest income taxes? 2-a. Of the three methods, which will result in the highest gross profit? Weighted average cost First-in, first-out Specific identification 2-b. Of the three methods, which will result in the lowest income taxes? Weighted average cost First-in, first-out Specific identification Step by Step Solution
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