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Problem 9-1 y are the inventory records for the Mason Merchandising Firm. Listed below are the inver Total Cost Date Beginning Inventory April Purchase May Purchase June Purchase Total Units 7,000 25,000 35,000 20.000 87,000 Unit Cost 3.00 3.10 3.15 3.27 21,000 77,500 110,250 65.400 274,150 The ending inventory consists of 10,000 units of which 5,000 units are from the beginning inventory and 5,000 are from the May purchase. Assume that net sales are $500,000 and selling and administrative expenses are $90,000. Required: 1) Prepare an income statement using the specific invoice inventory method. 2) Prepare an income statement using the average unit cost inventory method. 3) Prepare an income statement using the FIFO inventory method. 4) Prepare an income statement using the LIFO inventory method. Problem 9-2 Suzanne Corporation showed inventory records as listed below: Units Unit Cost .75 8,500 Date Beginning Inventory January Purchase April Purchase July Purchase October Purchase Total 25,000 50,000 45.000 .76 .78 .79 Total Cost 6,000 19,000 39.000 35,550 24.000 123,550 .80 30.000 158,000 The ending inventory consists of 7,900 units. 4,000 of the ending inventory units are from the January purchase while 3,900 ending inventory units are from the April purchase. Required: 1) Prepare the cost of goods sold section of a multiple step income statement using each of the following methods to price the ending inventory: a) Specific invoice b) Average unit cost c) FIFO d) LIFO Problem 9 - 1 Average Unit Cost Specific Invoice 500,000 Net Sales Less: Cost Of Goods Sold Beginning Inventory Plus: Purchases Goods Available For Sale Minus: Ending Inventory Cost Of Goods Sold 21,000 253,150 274,150 30.750 243,400 Gross Margin Minus: Selling & Administrative Exp. 256,600 90,000 166,600 Net Income Problem 9 - 2 Average Unit Cost FIFO LIFO Beginning Inventory Plus Purchases Total Goods Avaialble For Sale Less: Ending Inventory Cost Of Goods Sold Specific Invoice 6,000 117,550 123,560 6,082 117,468 100