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1. 2. 22.00 points Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions Units Sold at
1. 2. 22.00 points Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb 10 Purchase Mar 13 Purchase Mar. 15 Sales Aug 21 Purchase Sept. 5 Purchase Sept 10 Sales Units Acquired at Cost 780 units $47.60/unit 380 units @ $43.60/unit 190 units $23.60/unit 670 units @ $78.60/unit 340 units 190 units $63.60/unit $51.60/unit 110 units $78 60/unit Totals 1880 units 780 units Required * Compute cost of goods available for sale and the number of units available for sale. (Omit the "S" sign in your response.) Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory * Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 590 units from beginning inventory and 190 units from the March 13 purchase, and (c) weighted average cost. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 2 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory (a) FIFO (b) Specific identification (c) Weighted average cost Compute gross profit earned by the company for each of the three costing methods. (Round your per unit costs to 2 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "S" sign in your response.) Gross profit (a) FIFO b) Specific identification (c) Weighted average cost
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