Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales transactions. Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Acquired at Cost 780 units @ $44 per unit 245 units @ $40 per unit 190 units @ $20 per unit Units Sold at Retail 445 units @ $75 per unit 205 units @ $60 per unit 325 units @ $48 per unit 335 units @ $75 per unit 1,745 units 780 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 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) specific Identification-units sold consist of 590 units from beginning Inventory and 190 units from the March 13 purchase, and (c) weighted average cost. (Round per unit to 2 decimals, but Inventory balances to the dollar.) Complete this question by entering your answers in the tabs below. Specific Weighted Perpetual FIFO Identification Average Cost Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Jan 1 780 @ $44.00 = Inventory Balance Cost per unit Inventory Balance $ 34,320.00 Feb 10 245 @ $ 40.00 @ $ 44.00 @ $ 40.00 Mar 13 190 @ $ 20.00 Mar 15 Aug 21 205 @ $ 60.00 Sept 5 325 @ $48.00 445 Sept 10 335 Totals $ 0.00 @ ))) @ $ 44.00 $ 40.00 @ $ 20.00 @ $ 40.00 @ $ 20.00 @ $ 60.00 @ $ 40.00 @ $20.00 @ $ 60.00 @ $48.00 @ $ 40.00 @ $ 20.00 @ $ 60.00 @ $48.00 S 0.00 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 590 units from beginning inventory and 190 units from the March 13 purchase, and (c) weighted average cost. (Round per unit to 2 decimals, but inventory balances to the dollar.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Specific Weighted Identification Average Cost Compute the cost assigned to ending inventory using specific identification-units sold consist of 590 units from beginning inventory and 190 units from the March 13 purchase. Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods # of units Cost per Cost of Goods # of units Available sold unit Sold in ending inventory Cost per unit Ending Inventory for Sale 780 $ 44.00 $ 34,320 0 $ 44.00 $ 0 Beginning inventory Purchases: Feb 10 245 $ 40.00 9,800 0 $ 40.00 0 March 13 190 $ 20.00 3,800 0 $ 20.00 0 Aug 21 205 $ 60.00 12,300 0 $ 60.00 0 Sep 5 Total 325 $ 48.00 15,600 0 $ 48.00 0 1,745 $ 75,820 0 < Perpetual FIFO Weighted Average Cost > 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 590 units from beginning inventory and 190 units from the March 13 purchase, and (c) weighted average cost. (Round per unit to 2 decimals, but inventory balances to the dollar.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Specific Weighted Identification Average Cost Compute the cost assigned to ending inventory using weighted average cost. Weighted Average Cost: Jan 1 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Goods Purchased Cost of Goods Sold # of Date units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 780 @ $44.00 = $ 34,320.00 $ 0.00 Weighted Average Cost < Specific Identification 4. Compute gross profit earned by the company for each of the three costing methods in part 3. FIFO Specific Identification Weighted Average Sales Less: Cost of goods sold Gross profit $ 0 $ 5. If the company's manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer? Weighted average method Specific Identification FIFO