Question 1:

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.

TransactionsUnitsUnit Cost Beginning inventory, January 1 1,600$5.00 Transactions during the year: a. Purchase, January 30 2,000 6.00 b. Sale, March 14 ($10 each) (1,300) c. Purchase, May 1 1,400 10.00 d. Sale, August 31 ($10 each) (1,700)

Required: 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.

1. FIFO
2. LIFO
3. Weighted Average

(Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)