Question
Accounting Problem Inventory/costs >>>For the specific identification, the March 9th sale consisted of 50 units from beginning inventory and 425 units from the March 5
Accounting Problem Inventory/costs
>>>For the specific identification, the March 9th sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25th purchase.
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#1 Compute cost of goods available for sale and the number of units available for sale.
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#2 Compute the number of units in ending inventory.
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#3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (round average cost per unit 2 decimal places)
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#4 Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)
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Units Acquired at Cost 55 units $45.00 per unit 455 units $50.00 per unit Date Activities Units Sold at Retail Mar 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar 18 Purchase Mar. 25 Purchase Mar. 29 Sales 475 units$80.00 per unit 230 units$55.00 per unit 310 units$5700 per unit 270 units$90.00 per unit 745 units Totals 1,150 units
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