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Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Purchased Sold Mar.1 Beginning inventory
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Purchased Sold Mar.1 Beginning inventory 50 units@50/unit Mar.5 Purchase 200 units@55/unit Mar.9 Sales 210 units@85/unit Mar.18 Purchase 60 units@60/unit Mar.25 Purchase 100 units@62/unit Mar.29 Sales 80 units@95/unit Totals 410 units 290 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 March 9 sale consisted of 40 units from beginning inventory and 170 unit from the the March 5 purchase; the March 29 sale consisted of 20 units from the March 18 purchase and 60 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods in part 3
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