Chapter 7, Problem 2EA

1

To determine

Compute the ending inventory and cost of goods sold under specific identification method using the Periodic inventory method.

2

To determine

Compute the ending inventory and cost of goods sold under average-cost method using the Periodic inventory method.

3

To determine

Compute the ending inventory and cost of goods sold under FIFO method using the Periodic inventory method.

4

To determine

Compute the ending inventory and cost of goods sold under LIFO method using the Periodic inventory method.

5

To determine

Identify the impact of each method on the income statement and balance sheet.