Question
Perpetual inventory record 2 . Abigaelle Dorsainvils House of Fashions uses a perpetual inventory system. It entered into the following calendar-year 2021 purchases and sales
Perpetual inventory record
2. Abigaelle Dorsainvils House of Fashions uses a perpetual inventory system. It entered into the following calendar-year 2021 purchases and sales transactions:
Jan. 1 Beginning inventory April 1 Purchase
April 5 Sales
July 7 Purchase Aug12 Purchase
600 units @ $40/unit 750 units @ $48/unit
300 units @ $42/unit 400 units @ $50/unit
500 units @ $80/unit
Sept. 2 Sales 650 units @ $80/unit
Totals
2050 units
1150 units
Required:
Compute cost of goods available for sale and the number
of units available for sale.
Compute the number of units remaining in ending inventory.
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) Weighted Average (round per unit cost to a cent and inventory balances to the dollar) and (d) Specific Identification. For Specific Identification, the following units were sold - 500 units from beginning inventory, 500 units from the April 1 purchase, and 150 units from the August 12 purchase.
Compute the gross profit earned by the company for each of the costing methods in part 3.
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