Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methodsA. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchaseThank you in advance ! Jpok7intrencesMojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costingmethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the followinginformation at the end of the accounting period, January 31. The inventory's selling price is $16 per unit.TransactionsInventory, January 1Sale, January 10Purchase, January 12Sale, January 17Purchase, January 26Required:1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the followinginventory costing methods:Req 1UnitCost$ 6.00Req 2A6.50a. Weighted average costb. First-in, first-out7.50c. Last-in, first-out:d. Specific identificationa. Weighted average cost.b. First-in, first-out.c. Last-in, first-out.d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from theJanuary 12 purchase.2-a. Of the four methods, which will result in the highest gross profit?2-b. Of the four methods, which will result in the lowest income taxes?Units310(260)360(160)80Complete this question by entering your answers in the tabs below.Req 2BTotal Cost$ 1,8602,340600Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of theinventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollaramount.)Amount of GoodsAvailable for SaleEnding InventoryCost of GoodsSold< Prev2 of 5Next >

Name: Compute the amount of goods available for sale, ending inventory and c
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methodsA. Weighted cost average B. First in first out C. Last in first out D. Specific identification,