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Whorf, Inc. manufactures and sells phasers to security firms. The company uses a PERIODIC inventory system and has the following inventory transactions for its Deluxe

Whorf, Inc. manufactures and sells phasers to security firms. The company uses a PERIODIC inventory system and has the following inventory transactions for its Deluxe phaser during 2018:
\table[[Beginning Inventory,32 units @ $60 per unit],[Purchases:,],[Purchase 1 on 415?18,28 units @ $61 per unit],[Purchase 2 on 1120?18,20 units @ $62 per unit],[Sales:,25 units @ $250 per unit],[Sale 1 on 414?18,20 units @ $250 per unit],[Sale 2 on 1115?18,]]
All units sold on 4/14/18 were from beginning inventory. The 11/15/18 sale included 5 units from the beginning inventory and 15 units from the 415?18 purchase.
Show how Worf's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Specifically, compute Ending Inventory, COGS and Gross Margin under Specific Identification, Weighted Average Cost, FIFO and LIFO.
\table[[,\table[[Specific],[Identification]],Average Cost,FIFO,LIFO],[\table[[12/31/18 Balance Sheet],[Inventory]],2,153,2,129.75,2,155,2,103],[\table[[2018 Income Statement],[Cost of Goods Sold]],2,715,2,738.25,2,713,2,765],[Gross Profit,8,535,8,511.75,8,537,8,485]]
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