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Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Compute the cost assigned to ending inventory
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. |
Compute the cost assigned to ending inventory using (a) FIFO, (b) UFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 170 units from 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. (Round your per unit costs to 2 decimal places.) Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 2 decimal places.) Compute the cost assigned to ending inventory using (a) FIFO, (b) UFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 170 units from 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. (Round your per unit costs to 2 decimal places.) Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 2 decimal places.)
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