Required information [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 $17.00 per unit: Transactions Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale Units 500 660 120 (400) (200) Amount $2,800 5,016 1,152 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. Req 1A Req 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.) 2 Prey 1 2 3 4 of 7 HE Next > Required information riru, uru, anu specic luentication. For specic luentication, assume inal ne ISL Sale was selected iron une veying 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 Average Cost Cost of Goods Sold Cost of Good Available for Sale Cost of # of Units Cost per Goods Unit Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold Beginning inventory Purchases: January 12 January 26 Total $ 0 FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Units Cost per Unit Available for Sale # of Units Cost per Sold Unit Cost of Goods Sold $ 0 Beginning inventory Purchases: January 12 January 26 Total $ $ 0 0 0 LIFO Cost of Goods Available for Sale Cost of Goods Sold LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of # of Units Cost per Goods # of Units Cost per Unit Available Sold Goods Unit Sold for Sale Beginning inventory Purchases: January 12 January 26 Total 0 Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of Goods Cost per # of Units # of Units Cost per Goods Unit Available Sold Unit Sold for Sale Beginning inventory Purchases: January 12 January 26 Total $ 0 0 $ 0 Prey. 1 2 3 4 of 7 Required information 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) Specific Identification Average Cost FIFO LIFO
