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Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Units Sold at Retail Units Acquired at
Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 650 units @ $45.00/unit 250 units @ $41.00/unit 125 units @ $21.00/unit Date Jan. 1 Feb. 10 Mar. 13 Mar. 15 Aug. 21 Sept. 5 Sept. 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales 475 units @ $76.00/unit 210 units @ $61.00/unit 255 units @ $49.00/unit 175 units @ $76.00/unit Totals 1,490 units 650 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. (Omit the "S" sign in your response.) $ Cost of goods available for sale Number of units available for sale 67430 1490 units 2. Compute the number of units in ending inventory. Ending inventory 840 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 525 units from beginning inventory and 125 units from the March 13 purchase, and (c) weighted average cost. (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 2 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory 25250 (a) FIFO (b) Specific identification (c) Weighted average cost 4. Compute gross profit earned by the company for each of the three costing methods. (Round your per unit costs to 2 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Gross profit A A (a) FIFO (b) Specific identification (c) Weighted average cost A
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