Required Information P7-3 (Static) 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 $16 per unit: Transactions Units Amount Inventory. January 1 500 $2,165 Purchase, January 12 Purchase, January 26 1.280 (370) Sale (250) 600 160 3,60e Sale 5 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. Complete this question by entering your answers in the tabs below. Reg 1A Req 15 Cost per 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 Goods Cost of # of Units # of Units Cost per Goods Unit Available Sold Unit Sold for Sale Beginning inventory 500 $ 2,365 Purchases January 12 600 $ 3,600 January 26 $ 1.280 Total 1.260 57.245 620 S 0 Cost of Goods Sold FIFO Cost of Goods Available for Sale Cost of Cost per # of Units Goods Unit Available for Sale 500 $ 4.73 $ 2,365 #of Units Sold Cost per Unit Cost of Goods Sold 0 S 0 Beginning inventory ianuary 1 hi 1 Required information IUtal . 1,200 12 UZU vy FIFO 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 Unit Cost of Goods Sold 500 $ 4.73 $ 2,365 $ 0 Beginning inventory Purchases: January 12 January 26 600 6.00 $ 3,600 370 6.00 $ 2,220 160 8.00 250 $ 1,280 $ 7,245 8.00 $ 2,000 $ 4,220 Total 1.260 620 LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale f Units Cost per Sold Unit Cost of Goods Sold 500 $ 4.73 $ 2,365 5000 $ 4.73 $ 2,365.00 Beginning inventory Purchases: January 12 600 6.00 120 6.00 $ 720 January 26 160 8.00 3,600.00 1.280.00 $ 7,245 Total 1,260 620 $ 3,085 UGTUGEY LU HUU U.vn LUI LUME wivu MM | O Required information LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of # of Units Goods Unit Available for Sale Cost per Cost per # of Units Sold Cost of Goods Sold Unit Beginning inventory 500 $ 4.73 $ 2,365 500 $ 4.73 2.365.00 Purchases: January 12 600 6.00 120 6.00 $ 720 160 8.00 3,600.00 1,280.00 $ 7,245 January 26 Total 0 1,260 620 $ 3,085 es Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold 500 $ 4.73 $ 2,365 160 4.73 $ 757 Beginning inventory Purchases: January 12 January 26 Total 600 6.00 $ 3,600 210 160 8.00 $ 1,280 250 6.00 $ 1,260 8.00 $ 2,000 $ 4,017 1,260 $ 7,245 620 Reg 1A Req 1B > Required information beginning inventory and the second sale was selected from the January 12 purchase. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Specific Average Cost FIFO LIFO Identification $ 9,920 $ 9.920 $ 9,920 $ 9.920 $ 0 $ 4,220 $ 3,085 s 4,017 S 9,9207 s 5,700 s 6,835 s 5,903 Sales revenue Cost of goods sold Gross profit