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 Units Unit Cost Unit Price 1-Jan-20 Beginning Inventory 1,200 $19.00 14-Feb-20 Purchase 2,600 $21.00 20-Feb-20 Return items purchased on Feb 14 200 15-Mar-20 Sale 1,800 $31.00 1-Jul-20 Purchase 1,000 $22.00 1-Oct-20 Purchase 1,100 $22.00 31-Oct-20 Sale 2,600 $31.00

Required: Complete the body of the cost of goods sold calculation under both the FIFO and weighted average costing methods. FIFO Units Dollar Amount Goods Available for Sale 5,700 119,400.00 Cost of Goods Sold 1,300 Ending Inventory Weighted average Average Cost per Unit Units Unit Cost Dollar Amount Cost of Goods Sold Ending Inventory 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 General Journal Debit Credit 31-Dec-20 Weighted average Date General Journal Debit Credit 31-Dec-20 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) Perpetual FIFO Sales Revenue Cost of Goods Sold Gross Profit