Need immediate help with accounting question! Plz and thx Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod but apples ItsInventory.costing method at the end of each perlod, as if It uses a perlodic Inventory system. ASsume Its accountingrecords provided the following information at the end of the annual accounting perlod, December 3B1.Deginning inventory, January 2Unity Unit Cost55.002,500(1,450)1,200(ee6/1)6.20N Purchase, January 30bsale, March 14 ($1e each)e.Purchase, May 11sleAugust. 31 ($10 each)B.80Required:1 Compute the amount of goods avallable for sale, ending inventory, and cost of goods sold at December 31, undereach of the following Inventory costing methods. For Specific Identification, assuming that the March 14, sale wasselected two-ifths from the beginning Inventory and three-fifths from the purchase of January 30. Assume that the saleof August 31, was selected from the remainder of the beginning Inventory. with the balance from the purchase of May1(Do not rouund Welghted average cost per unit Round your final answers to the nearest dollar amount.)Goodsavailable forsaleEndinginventoryCost of goodssold|a. Weighted average cost,b. First-in first-out.c.Specific identification.,2a. Of the three methods, which will recult in the highest gross profit?O Welghted average costO First-in, first-out.O Specific Identification.2-b. Of the three methods, wnich will result In the lowest Income taxes?O Weighted average costO Fret-in, first-outO Specific Identification

Solution 1a: Computation of COGS and ending inventory - Average cost Particulars Cost of goods…

Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod but applies f nventory costing method at the end of each perlod, as if it uses a perlodic Inventory system. Assume Its accounting records provided the following Information at the end of the annual accounting perlod, December 31. Units 1,800 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: 0. Purchase, January 30 b. 2,500 (1,450) 1,200 (1,900) 6.20 Sale, March 14 ($10 each). c. Purchase, May 1 d. Sale, August 31 ($1e each) 8.00

Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod but applies f nventory costing method at the end of each perlod, as if it uses a perlodic Inventory system. Assume Its accounting records provided the following Information at the end of the annual accounting perlod, December 31. Units 1,800 Unit Cost $5.00 Transactions Beginning inventory, January 1 Transactions during the year: 0. Purchase, January 30 b. 2,500 (1,450) 1,200 (1,900) 6.20 Sale, March 14 ($10 each). c. Purchase, May 1 d. Sale, August 31 ($1e each) 8.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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