Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions.

Date			Activities	Units Acquired at Cost						Units Sold at Retail
Jan.	1		Beginning inventory	620	units	@	$	44.40	/unit
Feb.	10		Purchase	220	units	@	$	40.40	/unit
Mar.	13		Purchase	110	units	@	$	20.40	/unit
Mar.	15		Sales								430	units	@	$	75.40	/unit
Aug.	21		Purchase	180	units	@	$	60.40	/unit
Sept.	5		Purchase	270	units	@	$	48.40	/unit
Sept.	10		Sales								190	units	@	$	75.40	/unit
			Totals	1,400	units						620	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		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 510 units from beginning inventory and 110 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
(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) FIFO	$
(b) Specific identification	$
(c) Weighted average cost	$

The following information applies to the questions displayed below.]

Viper Company began year 2011 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 41,000 units of its product remain in inventory.

Mar.	7	34,000 units @ $18.60 each
May.	25	36,000 units @ $22.60 each
Aug.	1	26,000 units @ $24.60 each
Nov.	10	36,000 units @ $27.60 each

3.

value: 4.00 points

Required information

Required:

1.	Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.)

Number of units available for sale		units
Cost of the units available for sale	$

4.

value: 16.00 points

Required information

2.	Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

(a) FIFO periodic

Total cost of units available for sale	$
Less ending inventory on a FIFO basis
Cost of units sold	$

(b) Weighted average cost periodic

Total cost of units available for sale	$
Less ending inventory on a weighted average cost
Cost of units sold	$

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 Beginning Jan. 1 inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Units Acquired at Cost 620 units @ $44.40/unit @ 220 units @ $40.40/unit 110 units @ $20.40/unit 430 units @ $75.40/unit 180 units @ $60.40/unit 270 units @ $48.40/unit 190 units @ $75.40/unit Totals 1,400 units 620 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.) Cost of goods available for sale $62600 Number of units available for sale 1400 units 2. Compute the number of units in ending inventory. Ending inventory 780 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) specific identification- units sold consist of 510 units from beginning inventory and 110 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.) (a) FIFO Ending inventory S 35072 $ 37712 (b) Specific identification (c) Weighted average cost S 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 $ 19220 (a) FIFO a (b) Specific identification (c) Weighted average cost $ $ The following information applies to the questions displayed below.] Viper Company began year 2011 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 41.000 units of its product remain in Inventory. Mar. 7 34,000 units @ $18.60 each 36,000 units @ $22.60 May 25 each 26.000 units a $24.60 Aug. each 1 Nov. 10 36,000 units a $27.60 each 3. value: 4.00 points Required: 1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "S" sign in your response.) units Number of units available for sale Cost of the units available for sale $ 4. value: 16.00 points 2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) (a) FIFO periodic ) $ Total cost of units available for sale Less ending inventory on a FIFO basis Cost of units sold (b) Weighted average cost periodic Total cost of units available for sale Less ending inventory on a weighted average cost Cost of units sold $