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3 3J 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 following information at the end of the annual accounting period, December 31 oints Unit Transactions Units Cost 1,800 $50 Beginning inventory, January 1 Transactions during the yeari a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 2,500 62 (1,450) 1,200 80 (1,900) eBook Print Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fiftihs from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning Required 1. Compute the amount of goods available for saje, ending inventory, and cost of goods sold at December 31 under each of the References inventory, with the balance from the purchase of May 1 following inventory costing methods: Amount of Goods Avallable for Sale Ending Inventory Cost of Goods Sold a. Last-n, first-out b. Weighted average cost C. | First-in, first-out d. Specific identification Prev 3 of 4ill Next >

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