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

Beginning Inventory 129 units @ $45 per unit

Purchases

Purchase 1 on 3/11/20 65 units @ $46 per unit

Purchase 2 on 10/18/20 108 units @ $48 per unit

Sales

Sale 1 on 3/15/20 120 units @ $72 per unit

Sale 2 on 10/22/20 135 units @ $72 per unit

All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 55 units from the 3/11/20 purchase and 80 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)

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