Joy Company uses a PERIODIC inventory system. Joy had the following inventory purchases and sales...
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Joy Company uses a PERIODIC inventory system. Joy had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (bought in 2020) 50 units @ $40 per unit Purchases: Purchase 1 on 2/10/21 Purchase 2 on 8/7/21 140 units @ $48 per unit 60 units @ $50 per unit Sales: Sale 1 on 3/4/21 Sale 2 on 9/5/21 80 units @ $110 per unit 130 units @ $110 per unit When Joy counts its 2021 year-end inventory, they see that 5 of the units are from beginning inventory, 20 units are from the 2/10/21 purchase, and 15 units are from the 8/7/21 purchase. Show how Joy's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighed Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round your answers to nearest cent. Specific Identification Weighted Average FIFO LIFO 12/31/21 Balance Sheet Inventory 2021 Income Statement Sales Cost of Goods Sold Gross Profit
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