Question
Activities Apr. 6 Beginning inventory Purchase CCO Company uses a perpetual inventory system. It entered into the following purchases and sales trans- PROB actions
Activities Apr. 6 Beginning inventory Purchase CCO Company uses a perpetual inventory system. It entered into the following purchases and sales trans- PROB actions for April. Date Apr. Units Acquired at Cost 15 units @ $3,000/unit Units Sold at Retail Probler Alternat flows-P 35 units @ $3,500/unit P1 Apr. 9 Sales 18 units @ $12,000/unit Apr. 17 Purchase Apr. 25 Purchase 8 units @ $4,500/unit 10 units @ $4,580/unit Apr. 30 Sales Total 68 units 30 units @ $14,000/unit 48 units 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, and (d) specific identification. (Round per unit costs to three decimals, but inventory balances to the dollar.) For specific identification, the April 9 sale consisted of 8 units from beginning inventory and 10 units from the April 6 purchase; the April 30 sale consisted of 20 units from the April 6 purchase and 10 units from the April 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Check $88,800; $75,600;
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