Mojo 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 $14 per unit.TransactionsInventory, January 1UnitCostUnitsTotal Cost$ 5.00190$ 950Sale, January 10(140)Purchase, January 125.50Sale, January 17Purchase, January 266.50240(100)701,320455Required: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: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 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?Complete this question by entering your answers in the tabs below.Req 1Req 2AReq 2BCompute 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 GoodeCost of Goode

Name: Mojo Industries tracks the number of units purchased and sold through
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Mojo 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