7) DateDescriptionQuantity 1/06/2022Purchased6 Items @ $5 per item 2/16/2022Purchased5 items @ $6 per item 7/06/2022Sold6 items 7/08/2022Purchased4 items @ $7 per item 8/15/2022Sold5 items 9/01/2022Sold3 items 9/20/2022Purchased7 items @ $8 per item 10/10/2022Sold4 items 12/01/2022Purchased3 items @ $9 per itema.Calculate both the ending inventory and the COGS using the FIFO method. b.Prepare the income statement assuming the company had sales of $500 Income Stmt $ - - - Net Income a.Calculate both the ending inventory and the COGS using the LIFO method. b.Prepare the Income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000 excel please and answer all parts

The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Answered: Date Description Quantity…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 19E: (Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are...

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7)
	Date	Description	Quantity
	1/06/2022	Purchased	6 Items @ $5 per item
	2/16/2022	Purchased	5 items @ $6 per item
	7/06/2022	Sold	6 items
	7/08/2022	Purchased	4 items @ $7 per item
	8/15/2022	Sold	5 items
	9/01/2022	Sold	3 items
	9/20/2022	Purchased	7 items @ $8 per item
	10/10/2022	Sold	4 items
	12/01/2022	Purchased	3 items @ $9 per item

a.	Calculate both the ending inventory and the COGS using the FIFO method.

b.	Prepare the income statement assuming the company had sales of $500

	Income Stmt
	$ -

	-

	-	Net Income

a.	Calculate both the ending inventory and the COGS using the LIFO method.

b.	Prepare the Income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000

excel please and answer all parts

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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