Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show the steps as well, thank you. Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales

image text in transcribed

image text in transcribedPlease show the steps as well, thank you.

Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Units Sold at Retail Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Units Acquired at Cost 630 units @ $44.60/unit 230 units @ $40.60/unit 115 units @ $20.60/unit Date Jan. 1 Feb. 10 Mar. 13 Mar. 15 Aug. 21 Sept. 5 Sept. 10 445 units @ $75.60/unit 190 units @ $60.60/unit 265 units @ $48.60/unit 185 units @ $75.60/unit Totals 1,430 units 630 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.) $ 64198 Cost of goods available for sale Number of units available for sale 1430 units 2. Compute the number of units in ending inventory. Ending inventory 800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 515 units from beginning inventory and 115 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 $ 36100 (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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounts And Audit Of Limited Liability Partnerships

Authors: Steve Collings

4th Edition

1847669913, 978-1847669919

More Books

Students also viewed these Accounting questions

Question

7. List behaviors to improve effective leadership in meetings

Answered: 1 week ago

Question

6. Explain the six-step group decision process

Answered: 1 week ago