Starbucks Corporation's Financial Statements (partial) e. d. Fiscal year 2019 Operating Income

d Fiscal year 2019 Operating Income < Fiscal year 2018 Operating Income e. Both a and c are ff-ue. Problem (32 points) Joy Company uses a PERIODIC inventory system. Joy had the following inventory purchases and sales during 2021 Starbucks Corporation's Financial Statements (partial) Consolidated Income Statements In millions of dollars 2021 Beginning Invent01y (bought in 2020) Purchases: Purchase 1 on 2/10/21 Purchase 2 on 8/7/21 Sales: Sale 1 on 3/4/21 Sale 2 on 9/5/21 SO units @ $40 per unit 140 units@$48 per unit 60 units @ $50 per unit 80 units @ $110 per unit 130 units @ Sl 10 per unit Net Sales Cost of goods sold Selling: general: and administrative expenses Year ended_ 27, 2020 7,694.9 14,261.4 When Joy counts its 2021 year-end inventory, they see that 5 of the units are from beginning inventory, 20 units are from the 2/10/21 purchase, and 15 units are from the 8/7/21 purchase. Show how Joy 's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighed Average cost, FIFO and LIFO. FU in your answers on the table below. SHOW YOUR WORK Roundyour Consolidated Balance Sheets In millions of dollars ASSETS Year ended Se t 29, 2019 8,526.9 13,903.8 As of 27, 2020 answers to nearest cent Specific Identification 12/31/21 Balance Sheet Inventory 2021 Income Statement Sales Cost of Goods Sold Gross Profit Weighted Avera e FIFO LIFO Cash and cash equiv Short-temn investments Accounts receivable aid expenses and other current Total current assets Notes to Consolidated Financial Statements Footnote 1. Summary of Significant Accounting Policies 1.1 Description of Business 281.2 883.4 739.5 art Year ended Se t 30, 2018 7,930.7 12,905.5 As of 29, 2019 70.5 879.2 12529.4 488.2 We purchase and roast high-quality coffees that we sell, along with handcrafted coffee and tea beverages and a variety of fresh and prepared food items, through our company-operated stores. We also sell a variety of coffee and tea products and license our trademarks through other channels such as licensed stores, grocery and foodservice 1.3 Fiscal Year Our fiscal year ends on the Sunday closest to September 30. Fiscal year 2020 ended on September 27, 2020, fiscal year 2019 ended on September 29, 2019, and fiscal year 2018 ended on September 30, 2018. 1.11 Inventories The Company values inventories at the lower of cost or net realizable vae using the first-in, first-out ("FIFO")