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Willow Corporation uses a PERIODIC inventory system. Willow had the following inventory purchases and sales during 2022: 2022 Beginning Inventory (bought in 2021) 70
Willow Corporation uses a PERIODIC inventory system. Willow had the following inventory purchases and sales during 2022: 2022 Beginning Inventory (bought in 2021) 70 units @ $44 per unit Purchases: Purchase 1 on 1/20/22 130 units @ $48 per unit Purchase 2 on 6/24/22 Sales: Sale 1 on 3/12/22 Sale 2 on 10/15/22 300 units @ $52 per unit 180 units @ $100 per unit 260 units @ $100 per unit Of the units sold on 3/12/22, 50 came from beginning inventory and 130 were from the 1/20/22 purchase. All units sold on 10/15/22 were from the 6/24/22 purchase. I Show how Willow'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, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per unit cost to the nearest cent. 12/31/22 Balance Sheet Inventory 2022 Income Statement Sales Cost of Goods Sold Gross Profit Specific Identification Weighted Average FIFO LIFO 000
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