Question
one 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
one 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. I Beginning inventory 600 units @ $44/unit Feb. 10 Purchase.. 200 units @ $40/unit Mar. 13 Purchase. 100 units @ $20/unit Mar. 15 Sales 400 units @ $75/unit Aug. 21 Purchase. 160 units @ $60/unit Sept. 5 Purchase. 280 units @ $48/unit Sept. 10 Sales Totals 1,340 units 200 units @ $75/unit 600 units Required 1. Compute cost of goods available for sale 2. Compute the number of units available for sale. 3. Compute the number of units in ending inventory. 4. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.) 5. Compute gross profit earned by the company for each of the three costing methods in part 3. .,/
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