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At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16.20 per unit:

Transactions	Units	Amount
Inventory, January 1	570	$	1,995
Purchase, January 12	550		3,025
Purchase, January 26	150		1,125
Sale	(430)
Sale	(200)
1a. 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. Assume that the company uses periodic inventory system. (Round unit price to 2 decimal places. Input all amounts as positive values.) Average Cost Cost of Good Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory ? ? Purchases: January 12 ? ? January 26 ? ? Total ? ? $0 FIFO Cost of Goods Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory 570 ? $1,995 ? $0 Purchases: January 12 550 ? $3,025 ? $0 January 26 150 ? $1,125 ? Total 1,270 $6,145 0 LIFO Cost of Goods Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory 570 ? Purchases: January 12 550 ? January 26 150 ? Total 1,270 0 Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of Units Cost per Unit Cost of Goods Available for Sale # of Units Sold Cost per Unit Cost of Goods Sold Beginning inventory 570 ? Purchases: January 12 550 ? January 26 150 ? Total 1,270 $0 0 $0

1b. 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 Assume that the company uses periodic inventory system.

	DONNER COMPANY Partial Income Statement For the Month Ended January 31, Current Year (a) (b) (c) (d) Average Cost FIFO LIFO Specific Identification Sales revenue Cost of goods sold Gross profit $7,157 $6,441 $7,601

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