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What is the COGS for all 4 and the third row? Required information P7-3 (Algo) Evaluating Four Alternative Inventory Methods Based on Income and Cash
What is the COGS for all 4 and the third row?
Required information P7-3 (Algo) 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 $15.20 per unit: Units Amount 560 $ 1,792 540 Transactions Inventory January 1 Purchase, January 12 Purchase, January 26 Sale Sale 2,808 1,008 140 (420) (200) 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. Req 1A Req 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) Average Specific FIFO LIFO Cost Identification Sales revenue $ 9,424 $ 9,424 $ 9,424 $ 9,424 Cost of goods soldStep by Step Solution
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