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[The following Information applies to the questions displayed below.] Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions
[The following Information applies to the questions displayed below.] Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar 5 Purchase Units Acquired at Cost 230 units @$53.60/unit 290 units $58.60/unit Units Sold at Retail Mar. 9 Sales 390 units $88.60/unit Mar. 18 Purchase Mar. 25 Purchase 150 units $63.60/unit 280 units $65.60/unit Mar. 29 Sales 260 units @ $98.60/unit Totals 950 units 650 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) weighted average cost, and (c) specific identification. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 3 decimal places and inventory balances to the nearest dollar amount. Omit the "$" sign in your response.) (a) FIFO (b) Weighted average cost (c) Specific identification Ending Inventory 5. value: 7.00 points 4. Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 3 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "$" sign in your response.) FIFO Weighted average $ Specific identification $ Gross profit
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