Question: Beginning Inventory Purchases 135 units $55 per unit Purchase 1 on 3/11/20 76 units $58 per unit Purchase 2 on 10/18/20 68 units $61
Beginning Inventory Purchases 135 units $55 per unit Purchase 1 on 3/11/20 76 units $58 per unit Purchase 2 on 10/18/20 68 units $61 per unit Sales Sale 1 on 3/15/20 115 units @ $82 per unit Sale 2 on 10/22/20 110 units $82 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 50 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit Type here to search First-In, First-Out E Last-In, First-Out Weighted Average Cost (round to 2 decimal) 18 S 6297 3/15/20
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