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Inventory Costing Methods-Periodic Method The Glenn Sales Corporation uses the periodic inventory system. On January 1, 2018, Glenn had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during 2018 follows: Units Jan. 3 Unit Units Cost Purchased Sold 1,600 $44 3,000 2,000 Mar 8 June 13 Sept. 19 Nov.23 Dec 28 46 800 1,200 50 1,800 Required a. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B b. Assume that Glenn uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. C. Assume that Glenn uses the weighted average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product B. Do not round until your final answers. Round answers to the nearest dollar. 105,600 227,200 a. First-in, First-out: Ending Inventory $ Cost of Goods Sold $ b. Last-in, first-out: Ending Inventory $ Cost of Goods Sold $ c. Weighted Average Ending Inventory Cost of goods sold $ 93,200 x 238,400 x 100,540 x 232,260 x d. Assuming that Glenn sells items that quickly become obsolete, which of these three inventory costing methods would you choose to: Assume this is during a period of rising costs. 1. Reflect the likely goods flow through the business? First-in, first out 2. Minimize income taxes for the period? Last-in, first out 3. Report the largest amount of net income for the period? Weighted average cost X