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0.69 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. Unit Transactions Units Cost Beginning inventory, January 1 2,800 $ 60 Transactions during the year a. Purchase, January 30 4,250 74 b. Sale, March 14 ($100 each) (2,450) e. Purchase, May 1 2,950 90 d. Sale, August 31 (5100 each) (2,900) eBook References Assuming that for Specific identification method (item id) 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. 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.) Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a. Lastin, first-out b. Weighted average cost First-in, ficut d. Spero derification 2-a. Of the four methods, which will result in the highest gross profit? Last-in, first-out O Weighted average cost O First-in, first-out Specific identification Me Graw Hill Check my work 00 0.69 points Assuming that for Specific identification method (item 1d) 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. 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.) eBook Amount of Goods Avaliable for Sale Ending Inventory Cost of Goods Sold References a. Last-in, first-out b. Weighted average cost First-in, first-out d. Specific identification 2-a. Of the four methods, which will result in the highest gross profit? O Last.in, first-out O Weighted average cost O First-in, first-out Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? O Last-in, first-out O Weighted average cost O First-In, first-out Specific identification

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