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Please post steps. Last submission answers were wrong with no explanation. Required: 1. Compute cost of goods available for sale and the number of units
Please post steps. Last submission answers were wrong with no explanation.
Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. \begin{tabular}{|l|l|l|l|} \hline Perpetual FIFO Perpetual LIFO & Weighted Average & Specific Id \\ \hline \end{tabular} Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LFO > \& Perpetual FIFO Weighted Average Perpetual FIFO Perpetual LIFO Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) > Compute the cost assigned to ending inventory using specific identification. (For specific identification, units sold consist of 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 13 purchase, 110 from the August 21 purchase, and 335 from the September 5 purchase.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your averege cost per unlt to 2 declmel pleces.) 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? FIFO Specific Identification LIFO Weighted AverageStep by Step Solution
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