0 Required information P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow L07-2, 7-3 [The following information applies to the questions displayed below) At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $17.60 per unit: Units Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale 660 630 190 (520) (200) Amount $3,168 4,284 1,672 P7-3 Part 1 Required: 1a. Assuming the use of a periodic Inventory system, compute Cost of Goods Sold under each method of inventory average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic Inventory system prepare a partial income statement under each method of inventory: (a) average cost. (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning Inventory and the second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. Input ali amounts as positive values.) Show less Average Cost Cost of Good Available for Sale Coat of Goods Sold Cost of of Units Cost per Goode of Units Cost per Cost of Unit Available Sold Goods Unit Sold for Sale Beginning inventory 560 $ 3,168 Purchases January 12 630 $ 4.284 January 26 190 $ 1,672 Total 1,480 $ 9,124 720 3 # of Units Cost per Cost of Goods Available for Sale Cost per Unit of Units Sold Cost of Goods Sold Unit 660 $ 3,168 Beginning inventory Purchases January 12 January 26 Total 630 190 $ 4,284 $ 1,672 $ 9,124 1,480 720 $ 0 FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost per Cost of # of Units Goods Unit Available for Sale 660 $ 4.80 $ 3,168 of Units Sold Unit Cost of Goods Sold cos $ 0 Beginning inventory Purchases: January 12 January 26 Total 630 $ 0 190 6.80 $ 4,284 8.80 $ 1.672 $ 9.124 1,480 0 LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost per # of Units Goods Available for Sale 660 $ 4.80 $ 3,168 Unit of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases: 630 6.80 $ January 12 January 26 Total 4.284.00 1.672.00 190 8.80 1.480 $ 9,124 0 Specific identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per # of Units Unit Available for Sale 660 $ 4.80 $3,168 of Units Sold Cost per Unit Cost of Goods Sold 660 480 $3,168 Beginning inventory Purchases: January 12 January 26 Total 630 630 6.80 $ 4,284 190 6.80 $ 4,284 8.80 $ 1,672 $ 9,124 190 8.80 $ 1,672 $ 9,124 1.480 1480 P7-3 Part 1 Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under ea FIFO, LIFO, and specific identification. For specific identification, assume that the first sale w and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement un cost, (b) FIFO, (C) LIFO, and (d) specific identification. For specific identification, assume that beginning inventory and the second sale was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Assuming the use of a periodic inventory system, prepare a partial income stayement under eac average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assum selected from the beginning inventory and the second sale was selected from the January 12 pu DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Specific Identification Average Cost FIFO LIFO