Help Save & Exit Submit Chapter 7 Homework Check my work Gladstone Company tracks the number of units purchased and sold throughout each accounting priod 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. 25 points Tranaactions Beginning inventory, January Transactions during the yeari Coat a. Purchase, anuary 30 b. Sale, March 14 (s100 each) e. Purchase, May 1 d. Sale, August 31 (100 each)(1,200) 2.15060 (750) 850 Print 85 Assuming that for Specific identification method (tem 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 belance 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.) Cost of Goods Sold Amount of Goods Available for Sale 256.250 256.250 Ending Inventory 118,000 a. Last-in, first-out b. Weighted average cost Prey 1 of 4 Next>