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

150

units

@ $52.00/unit

Mar.

5

Purchase

250

units

@ $57.00/unit

Mar.

9

Sales

310

units

@ $87.00/unit

Mar.

18

Purchase

110

units

@ $62.00/unit

Mar.

25

Purchase

200

units

@ $64.00/unit

Mar.

29

Sales

180

units

@ $97.00/unit

Totals

710

units

490

units

1.

value: 10.00 points

Required information

Required:
1.	Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.)

Cost of goods available for sale

$

Number of units available for sale

units

2.	Compute the number of units in ending inventory.

Ending inventory

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 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 "$" sign in your response.)

Ending Inventory

(a)

FIFO

$

(b)

Weighted average cost

$

(c)

Specific identification

$

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

$

A physical inventory of Helmke Company taken at December 31 reveals the following.

		Per Unit
Item	Units	Cost		NRV
Audio equipment
Receivers	338	$	93	$	101
CD players	253		114		103
MP3 players	319		89		98
Speakers	197		55		44
Video equipment
Handheld LCDs	473		153		128
VCRs	284		96		87
Camcorders	205		313		325
Car audio equipment
Satellite radios	178		73		87
CD/MP3 radios	163		100		108

Required:
1.	Calculate the lower of cost and net realizable value for the inventory applied separately to each item. (Omit the "$" sign in your response.)

Item	LCM applied to items
Audio equipment
Receivers	$
CD players
MP3 players
Speakers
Video equipment
Handheld LCDs
VCRs
Camcorders
Car audio equipment
Satellite radios
CD/MP3 radios
Total	$

2.	If the NRV amount is less than the recorded cost of the inventory, then record the lower of cost and NRV adjustment to the Merchandise Inventory account. (Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
Dec. 31	(Click to select)Merchandise inventoryAccounts payableAccounts receivableCost of goods purchasedWages expenseWages payableGoods available for saleCost of goods sold
	(Click to select)Cost of goods soldMerchandise inventoryCost of goods purchasedGoods available for saleAccounts receivableAccounts payableWages payableWages expense