my P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow LO7-2 7-3 [The following information applies to the questions displayed below.] At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $18.60 per unit: Transactions Units Amount Inventory, January 1 Purchase, 3anuary 12 Purchase, 3anuary 26 Sale $3,752 4,864 1,920 670 640 200 (530) (200) Sale ces P7-3 Part 1 Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory (a) average 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. Input all amounts as positive values.) ces Cost of Goods Sold Cost of Good Available for Sale Average Cost Cost of Cost of Goods Sold s of Units Sold Cost per Unit Cost per Unit Goods Available for Sale #of Units Beginning inventory Next> of 9 7 8 6
6 7 of 9 Prev 1otal Part 1 of 4 Cost of Goods Available for Sale Cost of Goods Sold Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of Units Sold Cost per Unit Cost per Unit #of Units points Beginning inventory Purchases: eBook January 12 Print January 26 References 0 0 S Total KReq 1A Req 1B ny yuu aowGI3 I UC LaUS UCIUW. Req 1A Req 1B EAssuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. eeetEiiaa DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Specific Identification Average Cost FIFO LIFO Req 1A
