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answer this question please Anthony Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Units Sold at
answer this question please
Anthony Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 130 units @ $51.60/unit 240 units @ $56.60/unit Date Mar. 1 Mar. 5 Mar. 9 Mar. 18 Mar. 25 Mar. 29 Activities Beginning Inventory Purchase Sales Purchase Purchase Sales 290 units @ $86.60/unit 100 units @ $61.60/unit 180 units @ $63.60/unit 160 units @ $96.60/unit Totals 650 units 450 units 3. Compute the cost assigned to ending inventory using (a) FIFO,(b) weighted average cost, and (c) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 210 units from the March 5 purchase, the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase. (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 3 decimal places and inventory balances to the nearest dollar amount Omit the "S" sign in your response.) Ending Inventory (a) FIFO (b) Weighted average cost (c) Specific identification A A 69Step by Step Solution
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