Question: Mist, Inc. uses a PERIODIC inventory system 160 units @ $43 per unit Beginning Inventory Purchases Purchase 1 on 3/11/20 88 units @ $45 per
Mist, Inc. uses a PERIODIC inventory system
160 units @ $43 per unit Beginning Inventory Purchases Purchase 1 on 3/11/20 88 units @ $45 per unit Purchase 2 on 10/18/20 79 units @ $46 per unit Sales Sale 1 on 3/15/20 140 units @ $77 per unit Sale 2 on 10/22/20 130 units @ $77 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 70 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 First-In, Last-In, Weighted Identification First-Out First-Out Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit
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