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all # of units sold need to be answered for each table Required information [The following information applies to the questions displayed below) At the
all # of units sold need to be answered for each table
Required information [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: Transactions Inventory, January Purchase, January 12 Purchase, January 26 Sale Sale 660 630 190 (520) (200) Mount 33,268 4,284 1.672 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 lected om 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 (c) 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. Req 1A Reg 1B Assuming the use of a periodic inventory system, compute Cost of Goods Solid 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.) Average Cout Cost of Good Available for Sale Cost of Goods Sold Cost of Goods Cost of of Units Cost per Unit Available Sold Unit Goods for Sale Sold Beginning inventory 660 $ 3.168 Purchases. January 12 630 $ 4.254 January 26 190 51,672 Total 1480 $0.1241 $ of Units Cost per FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods of Units Unit Available for Sale 6601 54.80 $ 3,168 of Units Cost per Sold Unit Cost of Goods Sold 660 $ 4.605 3.168 Beginning inventory Purchases: January 12 January 26 Total 6.80 $ 630 190 8.80 5 4.284 $ 1,672 $ 9,124 1.480 660 $ 3.168 LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per # of Units Unit Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold 660 $ 4.80 $ 3,168 Beginning inventory Purchases: 630 6.80 January 12 January 26 Total 8.80 190 1,480 $ 4,284.00 1,672.00 $ 9,124 0 Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods # of Units Unit Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold 660 $ 4.80 $ 3,168 Beginning inventory Purchases: January 12 January 26 Total 630 6.80 $ 4,284 190 8.80 $ 1,672 $ 9,124 1,480 0 $ 0 Step by Step Solution
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