Question
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.
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, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Problem 5-1A (Algo) Part 3 Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO
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