Refer to the information in Problem 6-1B and assume the periodic inventory system is used.

Required

1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using 

(a) FIFO, 

(b) LIFO, 

(c) Weighted average, 

(d) Specific identification. (Round all amounts to cents.)

4. Compute gross profit earned by the company for each of the four costing methods in part 3.

Data From Problem 6-1B

Ming Company uses a perpetual inventory system. It entered into the following purchases and sales transactions  for April. (For specific identification, units sold consist of 20 units from beginning inventory,  30 units from the April 6 purchase, and 10 units from the April 25 purchase.)

Transcribed Image Text:

Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory.... 20 units @ $3,000 per unit Apr. 6 Apr. 9 Purchase... 30 units @ $3,500 per unit Sales ...... 35 units @ $12,000 per unit 5 units @ $4,500 per unit 10 units @ $4,800 per unit Apr. 17 Purchase... Apr. 25 Purchase...... Apr. 30 Sales .... 25 units @ $14,000 per unit Total....... 65 units 60 units