Ea. Whid'l method would result in the highest pretax earnings? {El FIFD C} Weighted-average cost C} Specic identication 2b. Which method would result in the lowest income tax expense? {El Weighted-average cost C} FIFCI C} Specic identication 2c. Whid'l method would result in the most favourable cash ow? C} Weightedaverage cost C} Specic identication C} FIFU Atthe end of January 21313, the records of Regina Company showed the following for a parcular item that sold at $18 per unit Assume that all sales and purd'iases are on account: Transactions Units Amount Inventory, January 1, 2013 Still $2,500 Sale, January 1D [d] Purchase, January 12 Bill} 3,500 Sale, January 1? {3111)} Purchase, January 26 16D 1,28!) Required: 1. Assuming the use of a perpetual inventory system, prepare a summarized statement through gross prot on sales under each of the following inventory cosng methods: (a) weightedaverage cost, {'le FIFIL'ZI= and {c} specic identication, assuming that the company is permitted to use this method. For specic idencaon, assume that the rst sale was out of the beginning 'nventory and the second sale was out of the January 12 purchase. [Round your intermediate calculations to 2 decimal places and nal answers to nearest whole dollar amount} 3. Prepare journal entries to record the transactions that occurred in January 2013, assuming that FIFICIII is used for inventory costing. [If no entry is required for a transactionievent, select "Ho journal entry required" in the rst account eld.] 1View transaction list Journal entry worksheet Record sales on account. Note: Enter debits before credits. Elear entry View general journal