Gladstone Company 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
tableTransactionsUnits,,tableBeginning inventory, January Transactions during the year:$tablea Purchase, January b Sale, March $ eachtable
b Of the four methods, which will result in the lowest income taxes?
Complete this question by entering your answers in the tabs below.
Req
Req A
Req B
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December under each of the inventory costing methods. Round intermediate calculations to decimal places and final answers to the nearest whole dollar amount.
tabletableAmount of GoodsAvailable for SaleEnding Inventory,tableCost of GoodsSold a Lastin firstout,,,b Weighted average cost,,,c Firstin firstout,,,d Specific identification,,,
