1b. 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 Assume that the company uses periodic inventory system DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year Average Cost Specific Identification FIFO LIFO At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $17.00 per unit: Transactions Units Amount Inventory, January 1 Purchase, January 12 Purchase, January 26 Sale Sale 500 $2,800 660 5,016 120 1,152 (400) (200)