Req 1A Reg 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 Good Available for Sale Cost of Goods Sold Cost of Cost of Goods # of Units Cost per Goods Unit Available Sold Unit Sold for Sale Beginning inventory 500 $ 2,3651 Purchases January 12 600 $ 3.600 January 26 160 $ 1280 Total 1.260 $ 7245 of Units Cost per $ 0 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Unit Available for Sale 500 2.365 of Units Cost per of Units Cost per Sold Unit Cost of Goods Sold S 0 Beginning inventory Purchases AT FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of Units Cost of Goods Available for Sale $ 2,365 # of Units Cost per Sold Unit Cost of Goods Sold Unit 500 $ 0 Beginning inventory Purchases January 12 January 26 Total 600 $ 3,600 CA $ 0 160 1,260 $ 1,280 $ 7.245 0 LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of Units Cost of Goods Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold Unit 500 Beginning inventory Purchases January 12 January 26 Total 600 160 1,260 Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Carta Required information TOT Sale Beginning inventory 500 Purchases: January 12 January 26 Total 600 160 1,260 0 Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Units Unit Available for Sale Cost per # of Units Cost per Sold Unit Cost of Goods Sold 500 Beginning inventory Purchases January 12 January 26 Total 600 160 1.260 $ 0 $ Req 1B > Req 1A Reg 1B DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year a) (c) (b) (d) Specific Identification Average Cost FIFO LIFO