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HW Problem 5.2 - Robben Co. uses the perpetual inventory system and had the following transactions. Date Transaction Units Price/Unit 1/1 Beginning Inventory 120 $9.60
HW Problem 5.2 - Robben Co. uses the perpetual inventory system and had the following transactions. Date Transaction Units Price/Unit 1/1 Beginning Inventory 120 $9.60 3/8 Purchase 180 $10.80 5/22 Sale (at retail price) 216 $28.80 7/18 Purchase 240 $12.00 10/21 Purchase 372 $14.40 11/9 Sale (at retail price) 384 $28.80 A) Calculate the cost of goods available for sale and the number of units available for sale. B) Calculate the units sold and the dollar amount recorded in sales. C) Calculate the number of units remaining in ending inventory. D) Compute the cost of goods sold and ending inventory values using: FIFO, LIFO, weighted average, and specific identification methods. For specific identification assume that the remaining inventory includes 120 units from beginning inventory and 192 units from the 10/21 purchase. E) Calculate gross profit earned under each of the costing methods
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