the remainder of the beginning inventory, with the balance from the purchase of May $1.$

P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods L07-2 Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Beginning inventory , January 1 Transactions during the Units 490 390 550 (250) (790) Unit Cost $4.00 4.30 5.00 year : a. Purchase, b. Purchase, c. Sale ($6 d. Sale ($6 Required: January 30 May 1 each) each) a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.