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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 $31.$

Transactions Units Unit Cost

Beginning inventory, January $12,200$ $ $55$

Transactions during the year:

a$.$ Purchase, January $303,35065$

b$.$ Sale, March $14($$$100$ each$)(1,850)$

c$.$ Purchase, May $12,05085$

d$.$ Sale, August $31($$$100$ each$)(2,300)$

Assuming that for Specific identification method $($item $1$d$)$ the March $14$ sale was selected two$-$fifths from the beginning inventory and three$-$fifths from the purchase of January $30.$

Required:

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:

a$.$ Last$-$in$,$ first$-$out.

b$.$ Weighted average cost.

c$.$ First$-$in$,$ first$-$out.

d$.$ Specific identification, assuming that 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 balance from the purchase of May $1.$

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