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Ming Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, units sold consist
Ming Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, units sold consist of 20 units from beginning inventory, 30 units from the April 6 purchase, and 10 units from the April 25 purchase.) Activitie Date Units Acquired at Cost Units Sold at Retail Apr. 1 Apr. Beginning inventory Purchase 20 units @ $3,000 per unit 30 units @ $3,500 per unit 6 Apr. Sales 9 35 units @ $12,000 per unit Apr. Purchase 17 Apr. Purchase 5 units @ $4,500 per unit 10 units @ $4,800 per unit 25 Apr. Sales 30 25 units @ $14,000 per unit 60 65 Total units units Table Summary: In table, rows 3 and 5 of column 3 are blank; rows 1, 3, 4, and 6 of column 4 are empty, Column 3 of row 7 has two cells with data. Required Requiredcost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3.
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