21 A Part 1 1 [6 Marks] fx B C D E F G H Answer all the questions in the spaces provided (Yellow cells) Bobby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual account period, December 31. Date Transaction 1-Jan-20 Beginning Inventory 14-Feb-20 20-Feb-20 Purchase Return items purchased on Feb 14 15-Mar-20 Sale 1-Jul-20 1-Oct-20 31-Oct-20 Purchase Purchase Sale Units Unit Cost Unit Price 1,000 $ 18.00 2,500 $ 20.00 100 1,800 $ 30.00 900 $ 23.00 1,000 $ 2,400 22.00 $ 30.00 Required: Complete the body of the cost of goods sold calculation under both the FIFO and weighted average costing methods. FIFO Goods Available for Sale Cost of Goods Sold Ending Inventory [3 Marks] Weighted average Average Cost per Unit Cost of Goods Sold Ending Inventory Units 1,000 Dollar Amount 18,000.00 Units Unit Cost Dollar Amount 2 [2 Marks] Complete the body of the following income statement (partial) under both the FIFO and weighted average costing method Income Statement (Partial) Sales Revenue INSTRUCTION Part 1 Part 2 Part 3 Part 4 Ready Income Statement (Partial) Weighted Average FIFO + 2 [2 Marks] 3 [3 Marks] 4 [1 Mark] B C D E F G H 1 Complete the body of the following income statement (partial) under both the FIFO and weighted average costing method Income Statement (Partial) Income Statement (Partial) FIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Assume that Bobby Inc. failed to apply the LC&NRV to the ending inventory. Given that the net realizable value per unit at Year-end is $20, prepare the journal entry to restate the financial statements to incorporate the LC&NRV. FIFO Date 31-Dec-20 Weighted average Date 31-Dec-20 General Journal Debit Credit General Journal Debit Credit Assume that Bobby Inc. applies its inventory costing method perpetually at the time of each sale. Complete the body of the following income statement (partial) under the FIFO method Income Statement (Partial) Sales Revenue Cost of Goods Sold Gross Profit Perpetual FIFO INSTRUCTION Part 1 Part 2 Part 3 Part 4