1. Question Content Area

   Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020:

   Beginning Inventory	107units	@	$53 per unit
   Purchases
   Purchase 1 on 3/11/20	66units	@	$55 per unit
   Purchase 2 on 10/18/20	74units	@	$57 per unit
   Sales
   Sale 1 on 3/15/20	100units	@	$76 per unit
   Sale 2 on 10/22/20	110units	@	$76 per unit

   All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 45 units from the 3/11/20 purchase and 65 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 Identification	First-In, First-Out	Last-In, First-Out	Weighted Average Cost
   12/31/20 Balance Sheet Ending Inventory	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
   2020 Income Statement
   Cost of Goods Sold	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
   Gross Profit	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12