Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of...
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Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 122 units @ $47 per unit Purchases Purchase 1 on 3/11/20 52 units @ $48 per unit Purchase 2 on 10/18/20 100 units @ $51 per unit Sales Sale 1 on 3/15/20 105 units @ $75 per unit Sale 2 on 10/22/20 125 units @ $75 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 40 units from the 3/11/20 purchase and 85 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. Weighted Specific First-In, Last-In, Average Cost Identification First-Out First-Out (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit
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