Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 111 units @ $45 per unit Purchases Purchase 1 on 3/11/20 65 units @ $46 per unit Purcahse 2 on 10/18/20 102 units @ $48 per unit Sales Sale 1 on 3/15/20 105 units @ $72 per unit Sale 2 on 10/22/20 120 units @ $72 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 45 units from the 3/11/20 purchase and 75 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. You must round the weighted average cost to two decimal points before using it in your calculations; however, you should NOT round any of the answers that you put into the table below. First-In, Specific Last-In, Weighted Identification First-Out First-Out Average Cost 12/31/20 Balance Sheet Endinn Trentoni Previous Next Submit Test for Grading 120 units @ $72 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 45 units from the 3/11/20 purchase and 75 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. You must round the weighted average cost to two decimal points before using it in your calculations; however, you should NOT round any of the answers that you put into the table below. Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Accounting numeric field Gross Profit Submit Test for Grading