Question
Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 118units @ $45
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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 118units @ $45 per unit Purchases Purchase 1 on 3/11/20 56units @ $48 per unit Purchase 2 on 10/18/20 83units @ $51 per unit Sales Sale 1 on 3/15/20 100units @ $72 per unit Sale 2 on 10/22/20 105units @ $72 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 65 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 Identification First-In, First-Out Last-In, First-Out Weighted Average Cost 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
Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020:
| Beginning Inventory | 118units | @ | $45 per unit |
| Purchases | |||
| Purchase 1 on 3/11/20 | 56units | @ | $48 per unit |
| Purchase 2 on 10/18/20 | 83units | @ | $51 per unit |
| Sales | |||
| Sale 1 on 3/15/20 | 100units | @ | $72 per unit |
| Sale 2 on 10/22/20 | 105units | @ | $72 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 65 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 Identification | First-In, First-Out | Last-In, First-Out | Weighted Average Cost | |
| 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 |
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Anti Fraud Risk And Control Workbook
Authors: Peter Goldmann, Hilton Kaufman
1st Edition
0470496533, 978-0470496534
