P7-3 Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow LO7-2,7-3 The following information applies to the questions displeyed below) At the end of January of the current year, the records of Donner Company showed the followhng for a particular item that sold at $16 per unit ransactions Units Amount Inventory, January 1, Purchase, January 12 Purchase, January 26 Sale Sale 500 $2,365 600 3,600 160 1280 (370) (250) References Section Break P73Evaluating Four Alternative Inventory Methods Bosed on Income and Cash ,20 600 ,800 ,300 .300 FlowL07-2.73 value Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. Input all amounts as positive values.) Cost of Good Available for Sale Cost of Goods Sold Average Cost Cost of Cost per Goods Sold # of Units | Cost per | Goods | # of Units | Cost per | Cost of Unit AvailableSold for Sale Unit Beginning inventory Purchases January 12 January 26 Total Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of # of Units | Cost per | Goods | # of Units | Cost per Unit Available Sold for Sale Unit Goods Sold 20 60 800 ,300 ,300 Beginning inventory Purchases January 12 January 26 Total Cost of Goods Available for Sale LIFO Cost of Goods Sold Cost of # of Units | Cost per | Goods for Sale Cost of Sold | # of Units | Cost per Unit AvailableSold Unit Beginning inventory Purchases January 12 January 26 Total pecific Identification Cost of Goods Available for Sale Cost of Cost of Goods Sold #0f Units | Unit Available! Sold Cost per | Goods | # of Units | Cost per Cost of Goods Sold for Sale Beginning inventory Purchases January 12 January 26 Total ng the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year Specific Average Cost FIFO LIFO Identification