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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 $17.60 per unit: Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale Units 660 630 190 (520) (200) Amount $3,168 4,284 1,672 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. BIRTH Required information Average Cost Cost of Good Available for Sale Cost of Goods Sold Cost of Cost per # of Units Goods # of Units Cost per Cost of Unit Available Sold Unit Goods Sold for Sale 660 $ 3.160 Beginning inventory Purchases January 12 January 26 Total 630 100 $ 4284 $ 1,672 6.16 $ 0,124 1.430$ 720 S 6.10 S 4,435 FIFO Cost of Goods Sold Cost per Cost of Goods Available for Sale Cost of Goods Cost per # of Units Unit Available for Sale 660 $ 480 $ 3.168 # of Units Sold Unit Cost of Goods Sold 000 $ 480 S 3168 Beginning inventory Purchases 630 60 408 6.80 $ January 12 January 26 Total 190 0.801 S 4284 8.80 $ 1672 S 9.124 720 1,480 $ 3,578 LIFO Cost of Goods Available for Sale Cost of Goods Sold 11 Next > Required information LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods # of Units Unit Available for Sale 0805 480 53.168 of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases 030 000 530 January 12 January 20 Total 880 100 1.480 5 4284 00 1 672.00 S 9,124 190 720 600 53.004 8 10 5 1072 $5,270 Specific Identification Cost of Goods Available for Sale Coot of Goods Sold Cost of Cost of Cost per Goods # of Units Cost per # of Units Goods Unit Available Sold Unit Sold for Sale 660 $ 480 $ 3.168 Boginning inventory Purchases 630 January 12 January 26 Total 190 8.80 8.80 $4284 $ 1672 $ 9.124 0 S 0 1.480 Ruutu Required information 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: ta) 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 15 Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inwentory: (a) average cost, (b) FIFO. (C) LIFO, and (d) specific identification. For specific identification, assume that the flest 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 Year (a) (b) c) (d) Specific Identification Average Cost FIFO LIFO Sales revenue Cost of goods sold Gross profit
