PB7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Mojo Industries tracks the number of units purchased and sold throughout each...

PB7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3]

Extracted text: Unit Transactions Cost Units Total Cost $ 2.50 $ 650 Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 260 (200) 3.00 310 930 (150) 4.00 55 220 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. 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 the January 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? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Ending Inventory Cost of Goods Sold Available for Sale a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification