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Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. |
Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
Mar. | 1 | Beginning inventory | 210 | units | @ $53.20/unit | |||||||
Mar. | 5 | Purchase | 280 | units | @ $58.20/unit | |||||||
Mar. | 9 | Sales | 370 | units | @ $88.20/unit | |||||||
Mar. | 18 | Purchase | 140 | units | @ $63.20/unit | |||||||
Mar. | 25 | Purchase | 260 | units | @ $65.20/unit | |||||||
Mar. | 29 | Sales | 240 | units | @ $98.20/unit | |||||||
Totals | 890 | units | 610 | units | ||||||||
4. | Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 3 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "$" sign in your response.) |
Gross profit | |
FIFO | $ |
Weighted average | $ |
Specific identification | $ |
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