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Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 136 units @

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 136 units @ $42 per unit Purchases Purchase 1 on 3/11/20 59 units Purchase 2 on 10/18/20 74 units Sales @$43 per unit @ $44 per unit Sale 1 on 3/15/20 Sale 2 on 10/22/20 125 units @ $70 per unit 90 units @$70 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 40 units from the 3/11/20 purchase and 50 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places)

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