Question: Can anyone do this fast ? its due tonight and im so confused still. Mist, Inc. uses a PERIODIC inventory system and has the following

Can anyone do this fast ? its due tonight and im soconfused still. Mist, Inc. uses a PERIODIC inventory system and has theCan anyone do this fast ? its due tonight and im so confused still.

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: 160units @ $53 per unit Beginning Inventory Purchases 67 units Purchase 1 on 3/11/20 Purchase 2 on 10/18/20 @ $54 per unit @ $56 per unit 97 units Sales Sale 1 on 3/15/20 145 units @ $81 per unit Sale 2 on 10/22/20 120units @ $81 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 40 units from the 3/11/20 purchase and 80 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. You must round the weighted average cost to two decimal points before using it in your calculations; however, you should NOT round any of the answers that you put into the table below. Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost 12/31/20 Balance Sheet Ending Inventory 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. You must round the weighted average cost to two decimal points before using it in your calculations; however, you should NOT round any of the answers that you put into the table below. Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!