Question: Mist Company uses a PERIODIC inventory system Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) 60 units

 Mist Company uses a PERIODIC inventory system Mist had the following

Mist Company uses a PERIODIC inventory system Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) 60 units @ $20 per unit Purchases: Purchase 1 on 3/8/21 Purchase 2 on 8/5/21 140 units @ $28 per unit 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 Sale 2 on 9/13/21 80 units @ $90 per unit 125 units @ $90 per unit Of the items sold on 5/8/2021,60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist'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. Specific Identification Weighted Average FIFO LIFO 12/31/21 Balance Sheet Inventory 2021 Income Statement Sales 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!