E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,700 $ 1,480 960 1,300 300 200 140 Purchases $ 1,450 1,220 710 940 Total Available 1,240 Ending Inventory $ 500 280 270 Cost of Goods Sold 560 Gross Profit 410 610 Expenses $ 270 250 180 120 Pretax Income (Loss) 110 250 (30)

E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1 : Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. E7.6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7.2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount. E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3 Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 317 units; unit sales price, \$54; Expenses, \$1,510 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, LFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3 Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 317 units; unit sales price, \$54; Expenses, \$1,510 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 317 units; unit sales price, $54; Expenses, $1,510 Note: Use the COGS amount from Required 1. E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3 Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method: Sales, 317 units; unit sales price, \$54; Expenses, \$1,510 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Rank the three methods in order of income taxes paid (favorable cash flow). E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value LO7-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis