Required information 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 of Donner Company showed the following for a particular item that sold at $15.00 per unit: Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sala Units 500 620 100 (380) (210) Amount $2,500 4,340 900 P7-3 Part 1 Required: 10. 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 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. Comlete the ninetinn hentarinn er anere in charahe hain Saved 2 Required information Reg 1A Reg 1B Part 1 of 2 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.) Show less eBook Ask Average Cost Cost of Goods Sold Print Cost of Good Available for Sale Cost of Goods Cost per # of Units Unit Available for Sale References #of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases January 12 January 26 Total FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods # of Units Unit Available for Sale #of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Seved Required information 2 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases January 12 nces January 26 Total LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods # of Units Unit Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory Purchases January 12 January 26 Total enerifi identification Cotcode Ausilahla fine dela Cettended January 26 Total Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for Sale # of Units # of Units Sold Cost per Cost of Goods Sold Unit Unit Beginning inventory Purchases January 12 January 26 Total Rec Reg 1B > Required information I vuruly purvu. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of Inventory: (a cost, (b) FIFO. (C) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from t 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 Reg 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. DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Average Cost FIFO LIFO Specific Identification
