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. 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. Analysis Component Problem 6-4B () Periodic System 1. Compute cost of goods available for sale and units available for sale Method: Beginning inventory May 6. May 17. May 25...... Units available ........... Cost of goods available for sale .... 150 units @ $300 350 units @ $350 80 units @ $450 100 units @ $458 680 units $ 45,000 122,500 36,000 45,800 $249,300 2. Units in ending inventory Units available (from part 1) ........ Less: Units sold (180 + 300) Ending Inventory (units)...... 680 units 480 units 200 units Ending Cost of Inventory Goods Sold Periodic Inventory a. FIFO D. Focus to ei MYGTUI a. FIFO Sales $636,000 Cost of Goods Sold Date Activities Units Acquired at Cost Units Sold at Rota 150 units a $300.00 per unit 350 units a $350.00 per unit 180 units a $1,200.00 perunt May 1 May 6 May 9 May 17 May 25 May 30 Beginning inventory........ Purchase. Sales... Purchase Purchase Sales 80 units 100 units $49.00 per unit $458.00 per unit 300 units a $1,400.00 perunt 480 units 680 units idealer transactions. (For specific identification, the day o sale consisted of so units Gross Profit *Sales - (180 units x $1,200) + (300 units x $1,400) - $636,000 DF to search