Required information P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow LO7-2, 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 $17.80 per unit: 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 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. Complete this question by entering your answers in the tabs below. 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.) \begin{tabular}{|l|r|c|c|c|c|c|} \hline Average Cost & \multicolumn{3}{|c|}{ Cost of Good Available } & \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline & #or Sale Units & Cost per Unit & Cost of Goods Available for Sale & # of Units Sold & Cost per Unit & Cost of Goods Sold \\ \hline Beginning inventory & 700 & & $2,450 & & & \\ \hline Purchases: & & & & & & \\ \hline January 12 & 670 & & $3,685 & & & \\ \hline January 26 & 230 & & $1,725 & & & \\ \hline Total & 1,600 & $4.91 & $7,860 & & $4.91 & $ \\ \hline \end{tabular} \begin{tabular}{|l|r|c|c|c|c|c|} \hline \multirow{2}{*}{ FIFO } & \multicolumn{4}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline & # of Units & Cost per Unit & Cost of Goods Available for Sale & # of Units Sold & Cost per Unit & Cost of Goods Sold \\ \hline Beginning inventory & 700 & $3.50 & $2,450 & & & $ \\ \hline Purchases: & & & & & & \\ \hline January 12 & 670 & 5.50 & $3,685 & & & $ \\ \hline January 26 & 230 & 7.50 & $1,725 & & & \\ \hline Total & 1,600 & & $7,860 & 0 & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|r|r|r|} \hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline & \multicolumn{1}{|l|}{ # of Units } & Cost per Unit & Cost of Goods Available for Sale & # of Units Sold & Cost per Unit & Cost of Goods Sold \\ \hline Beginning inventory & 700 & $3.50 & $2,450 & & & \\ \hline Purchases: & & & & & & \\ \hline January 12 & 670 & 5.50 & $3,685.00 3 & & & \\ \hline January 26 & 230 & 7.50 & 1,725.00 & & & \\ \hline Total & 1,600 & & $7,860 & 0 & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|} \hline \multicolumn{3}{l|}{ Cost of Goods Sold } \\ \hline #nits of Sold & Cost per Unit & Cost of Goods Sold \\ \hline & & \\ \hline 0 & & $ \\ \hline \end{tabular} Req 1B > 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 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. Complete this question by entering your answers in the tabs below. 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