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can someone explain how to get the sales revenue Required information P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow L07-2,
can someone explain how to get the sales revenue
Required information P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow L07-2, 7-3 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 $16.60 per unit: Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale Units 650 620 180 (510) (200) Amount $3,575 4,650 1,710 P7-3 Part 1 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 selected from 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 (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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, () 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. DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Your (6) (0) (d) Average Cost FIFO LIFO Specific Identification Sales revenue Cost of goods sold 4.866 Gross profit $ Step by Step Solution
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