At the end of January of the current year, the records of Donner Company showed...
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Accounting
At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16.00 per unit:
Transactions Units Amount:
Inventory, January 1: 500 $ 2,650
Purchase, January 12: 640 4,672
Purchase, January 26: 110 1,023
Sale (390)
Sale (200)
1. 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.)
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