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Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25) (1) Specific identification method assuming 0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10; 1,300 liters from March 20 (2) FIFO (3) LIFO

Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25) (1) Specific identification method assuming 0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10; 1,300 liters from March 20 (2) FIFO (3) LIFO

Intermediate Accounting: Reporting And Analysis
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming 0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10, 1,300 liters from March 20 (2) FIFO (3) LIFO Sales revenue, Beginning inventory 5 SWIFTYINC. Income Statement (partial) For the Year Ended December 31, 2022 Specific Identification 8.915 FIFO 0.915 LIFO 0,91
Transcribed Image Text:Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming 0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10, 1,300 liters from March 20 (2) FIFO (3) LIFO Sales revenue, Beginning inventory 5 SWIFTYINC. Income Statement (partial) For the Year Ended December 31, 2022 Specific Identification 8.915 FIFO 0.915 LIFO 0,91
You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 50¢ per liter. March 3 Purchased 2,500 liters at a cost of 54¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 61e per liter. Purchased 2,400 liters at a cost of 69¢ per liter. Sold 5,200 liters for $1.25 per liter. March 20 March 30
Transcribed Image Text:You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 50¢ per liter. March 3 Purchased 2,500 liters at a cost of 54¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 61e per liter. Purchased 2,400 liters at a cost of 69¢ per liter. Sold 5,200 liters for $1.25 per liter. March 20 March 30
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