Joy Company uses a PERIODIC inventory system. Joy had the following inventory purchases and sales during 2021:

2021 Beginning Inventory (bought in 2020)		50 units @ $40 per unit
Purchases:
Purchase 1 on 2/10/21		140 units @ $48 per unit
Purchase 2 on 8/7/21		60 units @ $50 per unit
Sales:
Sale 1 on 3/4/21		80 units @ $110 per unit
Sale 2 on 9/5/21		130 units @ $110 per unit

When Joy counts its 2021 year-end inventory, they see that 5 of the units are from beginning inventory, 20 units are from the 2/10/21 purchase, and 15 units are from the 8/7/21 purchase.

Show how Joys Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighed Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round your answers to nearest cent.

		Specific Identification		Weighted Average		FIFO		LIFO
12/31/21 Balance Sheet
Inventory
2021 Income Statement
Sales
Cost of Goods Sold
Gross Profit