Hi, could you please provide detailed calculations/explanations for the FIFO, LIFO, & Specific Identification fields?

Thank you!

Required information [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 $17.80 per unit 700 Transactions Inventory. January 1 Purchase, January 12 Purchase, January 26 Sale Sale 670 230 (560) Amount 52,450 3,685 1.725 Required: 10. 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. 1. Assuming the use of a perlodic 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 sate was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. RGIA Reg 1B Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B ok ces 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. (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 Cost of Cost per Goods # of Units Cost per Cost of # of Units Goods Unit Available Sold Unit Sold for Sale Beginning inventory 700 $ 2.450 Purchases January 12 670 $ 3,685 January 26 230 $ 1.725 Total 1,500 $ 4.91 $7860 7005 491 $ 3.732 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods # of Units Tinit Available # of Units Cost per Sald linit Cost of Goods Required information FIFO Cost of Goods Sold Part 1 of 4 Cost of Goods Available for Sale Cost of Cost per Goods # of Units Unit Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold 700 s 3.50 $ 2.450 700 $ 3.50 $ 2450 oints Beginning inventory Purchases January 12 January 26 Total 670 5.50 S 3,685 $ 0 eBook 7.50 $ 1,725 Print 230 1,600 $ 7860 700 $ 2.450 References LIFO Cost of Goods Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold 700 $ 350 $ 2,450 Beginning inventory Purchases January 12 January 26 Total 670 5.50 230 750 $ 3,685.00 1.725 00 $ 7,860 1,600 0 Specific identification Cost of Goods Available for Sale Cost of Goods Sold W Required information Req IA Reg 13 1 of 4 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 DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (b) (c) (d) Average Cost FIFO Specific LIFO Identification BOOK rint ences