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MGI Corporation uses a PERIODIC inventory system and had the following inventory purchases and sales during 2019: 30 units @ $18 per unit Beginning Inventory
MGI Corporation uses a PERIODIC inventory system and had the following inventory purchases and sales during 2019: 30 units @ $18 per unit Beginning Inventory Purchases: Purchase 1 on 1/1/2019 Purchase 2 on 6/15/2019 90 units @ $20 per unit 120 units @ $24 per unit Sales: Sale 1 on 3/12/2019 Sale 2 on 10/15/2019 70 units @ $50 per unit 110 units @ $50 per unit All units sold on 3/12/19 were from the 1/1/19 purchase. The 10/15/19 sale included 20 units from the beginning inventory, 10 units from the 1/1/19 purchase and 80 units from the 6/15/19 purchase. Compute Ending Inventory, Sales, COGS, and Gross Margin under Specific Identification, Weighted Average, FIFO and LIFO. COGAS in units = COGAS in $ Sales and COGS in units = El in units = Sales in $ Specific Weighted FIFO LIFO Identification Average 12/31/19 Balance Sheet Inventory 2019 Income Statement Cost of Goods Sold Gross Margin
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