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Question: the accounting records of freds sporting goods reflected the following...

Question details

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.

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