Thunder Company uses a periodic inventory system. Data for $2021$:

$\backslash$table$[[$Beginning inventory,$1,700,$units$],[$Purchases March,$7,800,$units$],[$Purchases November,$1,900,$units$],[$Sales for the year,$2,000,$units$],[$Ending inventory $($per physical count$),9,400,$units$],[$Expenses$,$$ $196,000,]]$

$($a$)$ $$38$

$($a$)$ $$42$

$($a$)$ $$43$

$($a$)$ $$77$

Required:

Compute Cost of Goods Sold under FIFO, LIFO and average cost inventory costing methods.

Prepare income statement for each method.

WEIGHTED

COST OF GOODS SOLD

UNITS

FIFO

LIFO

AVERAGE

Beginning inventory

Purchases

Goods available for sale

Fnding inventory

Cost of goods sold

INCOME STATEMENT

FIFO

WEIGHTED

Sales revenue

Cost of goods sold

Gross profit

Expenses

Net income