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

Beginning Inventory	127 units	@	$43 per unit
Purchases
Purchase 1 on 3/11/20	53 units	@	$45 per unit
Purchase 2 on 10/18/20	90 units	@	$46 per unit
Sales
Sale 1 on 3/15/20	110 units	@	$70 per unit
Sale 2 on 10/22/20	110 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 70 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.

	Specific Identification	First-In, First-Out	Last-In, First-Out	Weighted Average Cost (round to 2 decimal places)
12/31/20 Balance Sheet Ending Inventory	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
2020 Income Statement
Cost of Goods Sold	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
Gross Profit	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12