value 3.50 points Gladstone Company 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 Cost Beginning inventory, January 1 Transactions during the year a Purchase, January 30 b. Sale, March 14 (S100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 1,500 $40 2,900 (1,150) 1,600 70 (1,600) 52 the beginning inventory and three-fifths from the 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May purchase of January 30. Assume that the sale of August 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: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Avaiable for Sale Ending Inventory Cost of Goods $ S Sold a. Last-in, first-out b.|Weighted average cost c. First-in, first-out d Specific identification 322.800 322 800 322,800 322.800 150,800$ 172,000 2 a. Of the four methods, which will result in the highest gross profit? Last-in first-out Weighted average cost First-in, first-out Specific identification