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 1-Jan-20 Transaction Beginning inventory 14-Feb-20 Purchase 20-Feb-20 Return items purchased on Feb 14 15-Mar-20 Sale 10 1-Jul-20 Purchase 11 12 1-Oct-20 31-Oct-20 Purchase Sale 13 Units Unit Cost Unit Price 1,000 $ 18.00 2,600 $ 21.00 100 1,500 $ 30.00 1,000 $ 23.00 1,100 2,400 $1 21.00 $ 31.00 14 Required 15 1 16 Complete the body of the cost of goods sold calculation under both the FFO and weighted average costing methods. 17 Marks] Units Dollar Amount 18 19 Goods Available for Sale 20 21 Cost of Goods Sold 22 Ending Inventory 23 24 25 13 Marks] Weighted average 26 27 Average Cost per Unit 28 29 Units Unit Cost Deller Amount 30 31 Cost of Goods Sold Ending Inventory 12 Marks) Complete the body of the following income statement (partial) under both the FIFO and weighted average costing method Income Statement (Partial Income Statement (Partial) Sales Revenue Cost of Goods Soldi Gross Profit Assume that Bobby Inc. failed to apply the LCENRY to the endine in O Weighted Average 3 13 Marks] 4 S 46 47 49 50 51 52 53 54 55 56 57 58 59 4 60 (1 Mark 61 62 63 64 65 66 67 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 General Journal Debit Credit 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