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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
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. (For ipecific identification, units sold consist of 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 3 purchase, 110 from the August 21 purchase, and 335 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. \begin{tabular}{|l|l|l|l|} \hline Perpetual FIFO & Perpetual LIFO & WeightedAverage & Specific Id \\ \cline { 1 - 4 } & & \end{tabular} Compute the cost assigned to ending inventory using LIFO. (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 average cost per unit to 2 decimal places.) 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 Weighted Average LIFO Specific Identification
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