Question: Please answer the question correctly. Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method

 Please answer the question correctly. Gladstone Limited tracks the number of

units purchased and sold throughout each accounting period but applies its inventory

Please answer the question correctly.

Gladstone Limited 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 . 2-a. Of the three methods, which will result in the highest gross profit? Weighted average cost First-in, first-out Specific identification 2-b. Of the three methods, which will result in the lowest income taxes? Weighted average cost First-in, first-out Specific identification

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