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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 Date Activities Jan.
Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug, 21 Purchase Sept. 5 Purchase Sept. 10 Sales Units Acquired at Cost 690 units @ $45.80/unit 290 units $41.80/unit 145 units $21.80/unit 250 units @ $61.80/unit 235 units $49.80/unit 535 units @ $76.80/unit 155 units @ $76.80/unit 690 units Totals 1,610 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.) Cost of goods available for sale Number of units available for sale 74038 1610 units 2. Compute the number of units in ending inventory. Ending inventory 920 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 545 units from beginning inventory and 145 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 "S" sign in your response.) Ending inventory 21390 $ (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.) (a) FIFO (b) Specific identification (c) Weighted average cost Gross profit $ $ $
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