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Question - Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020:
Beginning Inventory 137 units @ $47 per unit
Purchases
Purchase 1 on 3/11/20 77 units @ $49 per unit
Purchase 2 on 10/18/20 95 units @ $52 per unit
Sales
Sale 1 on 3/15/20 120 units @ $74 per unit
Sale 2 on 10/22/20 130 units @ $74 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.
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