The accounting records of Freds Sporting Goods reflected the following balances as of January 1 2015.
Cash 20,400
Beginning Inventory 30,000
120 units @ $250
Common Stock 34,000
Retained Earnings 16,400
The following four transactions occured in 2015
1. First purchase (cash) 100 units @ $260
2. Second purchase (cash) 210 units @ $270
3. Sales (all cash) 340 units @ $375
4. Paid 30,000 cash for operating expenses
Requirement 1-
Compute the cost of goods sold and ending inventory, assuming FIFO cost flow
Compute the cost of goods sold and ending inventory, assuming LIFO cash flow
Compute the cost of goods sold and ending inventory, assuming weighted-average cost flow
Requirement 2
Prepare the 2015 income statement (mulit-step), balance sheet and statement of cash flows under FIFO, LIFO and Weighted Average.
Please and thank you have been stuck for three days on this.