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Plum Company uses a PERIODIC inventory system. Plum had the following inventory purchases and sales during 2022: 2022 Beginning Inventory (bought in 2021) 50 units
Plum Company uses a PERIODIC inventory system. Plum had the following inventory purchases and sales during 2022: 2022 Beginning Inventory (bought in 2021) 50 units @ $80 per unit Purchases: Purchase 1 on 2/10/22 Purchase 2 on 8/7/22 Sales: Sale 1 on 3/4/22 Sale 2 on 9/5/22 140 units @$96 per unit 60 units @$100 per unit 80 units @ $220 per unit 130 units @ $220 per unit Of the units sold on 3/4/22, 50 units were from the beginning inventory and 30 units were from the 2/10/22 purchase. The 9/5/22 sale included 90 units from the 2/10/22 purchase and 40 units from the 8/7/22 purchase. Show how Plum's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per unit cost to the nearest cent. 12/31/22 Balance Sheet Inventory 2022 Income Statement Sales Cost of Goods Sold Gross Profit Specific Identification Weighted Average FIFO LIFO Net Sales Whirlpool Corporation's Financial Statements (partial) Whirlpool Consolidated Income Statements In millions of dollars Cost of goods sold Selling, general, and administrative expenses ASSETS Cash and cash equivalents Accounts receivable, net Inventories Prepaid and other current assets Total current assets Year ended Year ended Dec 31, 2021 Dec 31, 2020 Year ended Dec 31, 2019 $ 21,985 $ 19.456 $ 20,419 17,576 2,061 15,614 16,908 2,227 1,962 Whirlpool Consolidated Balance Sheets In millions of dollars As of Dec 31, 2021 As of Dec 31, 2020 $ 3,044 $ 2,924 3,100 3,109 2,717 2,301 834 795 $.9.695 $ 9.129 Notes to Consolidated Financial Statements (partial) Footnote 1. Summary of Significant Accounting Policies 1.1 Description of Business Whirlpool Corporation, a Delaware corporation, manufactures products in 10 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jeandir, Indesit, Yummly, and Hotpoint. We conduct our business through four operating segments, which we define based on geography. Whirlpool Corporation's operating and reportable segments consist of North America; Europe, Middle East and Africa ("EMEA"); Latin America and Asia. 1.12 Inventories North America and EMEA reporting segments use the first-in, first-out ("FIFO") method of inventory valuation. Latin America and Asia inventories are stated at average cost. Costs include materials, labor and production overhead at normal production capacity. Costs do not exceed net realizable values
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