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I really need help filling out the income statement You are provided with the following information for Windsor, Inc. Windsor, Inc. uses the periodic system
I really need help filling out the income statement
You are provided with the following information for Windsor, Inc. Windsor, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,040 liters at a cost of 61+ per liter. March 3 Purchased 2,460 liters at a cost of 664 per liter. March 5 Sold 2,380 liters for $1.10 per liter. March 10 Purchased 4,155 liters at a cost of 730 per liter. March 20 Purchased 2,545 liters at a cost of 81 per liter. March 30 Sold 5,100 liters for $1.30 per liter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,380 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 425 liters from March 1; 505 liters from March 3, 2,900 liters from March 10; 1,270 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification $ FIFO $ LIFO $ Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,380 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 425 liters from March 1; 505 liters from March 3, 2,900 liters from March 10; 1,270 liters from March 20. (2) FIFO (3) LIFO Windsor, Inc. Income Statement (partial) Specific Identification FIFO LIFOStep by Step Solution
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