At the end of January 2014, the records of Donner Company showed the following for a particular item that sold at $18.80 per unit:

Transactions

Units

Amount

Inventory, January 1, 2014

710

$

3,905

Purchase, January 12

680

5,100

Purchase, January 26

240

2,280

Sale

(570)

Sale

(200)

1a.

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.)

Average Cost	Cost of Goods Available for Sale			Cost of goods sold
	# of units	Cost per unit	COG available for sale	# of units sold	Cost per unit	COGS
Beginning Inventory
Purchases
January 12
January 26
Total

FIFO	Cost of Goods Available for Sale			Cost of goods sold
	# of units	Cost per unit	COG available for sale	# of units sold	Cost per unit	COGS
Beginning Inventory
Purchases
January 12
January 26
Total

LIFO	Cost of Goods Available for Sale			Cost of goods sold
	# of units	Cost per unit	COG available for sale	# of units sold	Cost per unit	COGS
Beginning Inventory
Purchases
January 12
January 26
Total

Specific ID	Cost of Goods Available for Sale			Cost of goods sold
	# of units	Cost per unit	COG available for sale	# of units sold	Cost per unit	COGS
Beginning Inventory
Purchases
January 12
January 26
Total

1b.

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.

	A	B	C	D
	Avg. Cost	FIFO	LIFO	Special ID
Sales Revenue
COGS
Gross profit