P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow L07-2, 7- 3 (The following information applies to the questions displayed below.) At the end of January of the current year, the records sold at $15.80 per unit: Donner Company showed the following for a particular item that Units Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale Amount $3,400 4,550 680 650 210 (540) (200) 1,890 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 thod 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 1B 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.) Average Cost Cost of Goods Sold Cost of Good Available for Sale Cost of # of Cost Goods per Units Available Unit for Sale # of Units Sold Cost Cost of per Goods Unit Sold Beginning inventory Purchases: January 12 January 26 Total FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost # of Goods Units per Available Unit for Sale # of Units Sold Cost Cost of per Goods Unit Sold Beginning inventory Purchases: January 12 January 26 Total LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost # of Goods Units Available for Sale per Unit # of Units Sold Cost Cost of Goods Unit Sold per Beginning inventory Purchases: January 12 January 26 Total Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost # of Goods Units per Available Unit for Sale # of Units Sold Cost Cost of per Goods Unit Sold Beginning inventory Purchases: January 12 January 26 Total