1.) Fill in the missing spaces for the "# of sold units" in each of the 4 categories?

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 all amounts as positive values.)

2.) Fill in the missing spaces?

At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16 per unit:

Transactions	Units		Amount
Inventory, January 1	500		$	2,365
Purchase, January 12	600			3,600
Purchase, January 26	160			1,280
Sale	(370	)
Sale	(250	)

Nessary:

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.

Average Cost Cost of Goods Sold # of Units Cost per Cost of Good Available for Sale Cost of Goods Unit Available for Sale 500 $ 2,365 # of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total 600 $ 3,600 160 $ 1,280 $ 7,245 1,260 620 $ $ 0 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Units Cost per Unit Available for Sale 500 $ 4.73 $ 2,365 # of Units Cost per Sold Unit Cost of Goods Sold $ 0 Beginning inventory Purchases: January 12 January 26 Total 600 6.00 $ 3,600 $ 0 160 8.00 $ 1,280 $ 7,245 1,260 0 LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 500 $ 4.73 $ 2,365 # of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total 600 6.00 160 8.00 $ 3,600.00 1,280.00 $ 7,245 1,260 0 Specific Identification Cost of Goods Sold # of Units Cost per Cost of Goods Available for Sale Cost of Goods Unit Available for Sale 500 $ 4.73 $ 2,365 # of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total 600 160 6.00 $ 3,600 8.00 $ 1,280 $ 7,245 1,260 $ 0 DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Average Cost FIFO LIFO Specific Identification $ 9,920 $ 9,920 $ 9,920 $ 9,920 $ 3,565 3,085 $ 4,040 6,355 $ 6,835 $ 5,880 Sales revenue Cost of goods sold Gross profit 6969