Weighted Average Cost (Periodic) Cost per Unit Units Total Beginning Inventory 0 Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory First-in, first-out. FIFO (Periodic) Cost per Unit Units Total Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30 Specific Identification (Periodic) Cost per Unit Units Total Beginning Inventory 0 Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory Of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First-in, first-out Specific identification Of the four methods, which will result in the lowest income taxes? Last-in, first-out Weighted average cost First-in, first-out Specific identification