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Please help with partial income statement Average Cost Cost of Goods Sold Cost of Good Available for Sale Cost of # of Units Cost per
Please help with partial income statement
Average Cost Cost of Goods Sold Cost of Good Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total 660 220 1,570 $ $ $ 4,290 1,870 9,265 750 $ 0 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 4.50 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold 6 90 $ 4.50 $ 3,105 Beginning inventory Purchases: January 12 6.50 $ 390 660 220 1,570 6.50 8.50 January 26 Total $ $ $ 4,290 1,870 9,265 60 0 750 $ 3,495 LIFO Cost of Goods Sold # of Units Cost of Goods Available for Sale Cost of Goods Unit Available for Sale 690 $ 4.50 $ 3,105 Cost per # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases: January 12 1 660 220 6.50 8.50 4.290.00 1,870.00 $ 9,265 January 26 Total 530 220 750 6.50 8.50 $ 3,445 $ 1,870 $ 5,315 1,570 Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 4.50 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory 550 4.50 $ 2,475 Purchases: 660 6.50 $ 1,300 January 12 January 26 Total 6.50 8.50 220 $ 4,290 $ 1,870 $ 9,265 200 0 750 1,570 $ 3,775 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. DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) Average Cost FIFO L IFO (d) Specific Identification Sales revenue Cost of goods sold Gross profit $ 3,495 $ 5,315 $ 3,775 Average Cost Cost of Goods Sold Cost of Good Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total 660 220 1,570 $ $ $ 4,290 1,870 9,265 750 $ 0 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 4.50 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold 6 90 $ 4.50 $ 3,105 Beginning inventory Purchases: January 12 6.50 $ 390 660 220 1,570 6.50 8.50 January 26 Total $ $ $ 4,290 1,870 9,265 60 0 750 $ 3,495 LIFO Cost of Goods Sold # of Units Cost of Goods Available for Sale Cost of Goods Unit Available for Sale 690 $ 4.50 $ 3,105 Cost per # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases: January 12 1 660 220 6.50 8.50 4.290.00 1,870.00 $ 9,265 January 26 Total 530 220 750 6.50 8.50 $ 3,445 $ 1,870 $ 5,315 1,570 Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale 690 $ 4.50 $ 3,105 # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory 550 4.50 $ 2,475 Purchases: 660 6.50 $ 1,300 January 12 January 26 Total 6.50 8.50 220 $ 4,290 $ 1,870 $ 9,265 200 0 750 1,570 $ 3,775 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. DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) Average Cost FIFO L IFO (d) Specific Identification Sales revenue Cost of goods sold Gross profit $ 3,495 $ 5,315 $ 3,775Step by Step Solution
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