At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16.20 per unit:

Transactions

Units

Amount

Inventory, January 1

570

$

1,995

Purchase, January 12

550

3,025

Purchase, January 26

150

1,125

Sale

(430)

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. Assume that the company uses periodic inventory system. (Round unit price to 2 decimal places. Input all amounts as positive values.)

Average Cost	Cost of Good Available for Sale			Cost of Goods Sold
	# of Units	Cost per Unit	Cost of Goods Available for Sale	# of Units Sold	Cost per Unit	Cost of Goods Sold
Beginning inventory	?		?
Purchases:
January 12	?		?
January 26	?		?
Total	?		?			$0
FIFO	Cost of Goods Available for Sale			Cost of Goods Sold
	# of Units	Cost per Unit	Cost of Goods Available for Sale	# of Units Sold	Cost per Unit	Cost of Goods Sold
Beginning inventory	570	?	$1,995	?		$0
Purchases:
January 12	550	?	$3,025	?		$0
January 26	150	?	$1,125	?
Total	1,270		$6,145	0
LIFO	Cost of Goods Available for Sale			Cost of Goods Sold
	# of Units	Cost per Unit	Cost of Goods Available for Sale	# of Units Sold	Cost per Unit	Cost of Goods Sold
Beginning inventory	570			?
Purchases:
January 12	550			?
January 26	150			?
Total	1,270			0
Specific Identification	Cost of Goods Available for Sale			Cost of Goods Sold
	# of Units	Cost per Unit	Cost of Goods Available for Sale	# of Units Sold	Cost per Unit	Cost of Goods Sold
Beginning inventory	570			?
Purchases:
January 12	550			?
January 26	150			?
Total	1,270		$0	0		$0

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 Assume that the company uses periodic inventory system.

DONNER COMPANY
Partial Income Statement
For the Month Ended January 31, Current Year
	(a)	(b)	(c)	(d)
	Average Cost	FIFO	LIFO	Specific Identification
Sales revenue
Cost of goods sold
Gross profit	$7,157		$6,441	$7,601