Chapter 7 Homework Seved Help Save & Exit Subr Check my work 5 PB7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System (LO 7. 3] 20 points Mojo Industries 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 accounting period, January 31, The Inventory's selling price is $14 per unit. Transactions Unit Cost Unita Total Coat Inventory, January 1 $5.00 $1,550 sale, January 10 1200) Purchase, January 12 5.50 360 1,980 Sale, January 17 150) Purchase, January 26 6.50 80 520 310 ebook Print Assume that for Specific identification method the January 10 sale was from the beginnlog inventory and the January 17 sale was from the January 12 purchase. References Required: 1. Compute the amount of goods available for sale, ending Inventory, and cost of goods sold at January 31 under each of the following Inventory costing methods: (Round your Intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) e. Weighted average cost D. First-in, first-out 1o Last-in, first-out d. Specific identification Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold s 4,050 S 4 050 S 4,050 5 4,050 2.a. Of the four methods, which will result in the highest gross profit? Weighted average cost O first in first out Lost.in, first-out Specific identification