Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the solution to this problem? PROBLEM SET B Ming Company uses a perpetual inventory system. It entered into the following purchases and sales

what is the solution to this problem?
image text in transcribed
PROBLEM SET B Ming Company uses a perpetual inventory system. It entered into the following purchases and sales trans- actions for April. (For specific identification, the April 9 sale consisted of 8 units from beginning inven- tory and 27 units from the April 6 purchase; the April 30 sale consisted of 12 units from beginning inventory, 3 units from the April 6 purchase, and 10 units from the April 25 purchase.) Problem 6-1B Perpetual: Alternative cost flows P1 Units Sold at Retail Units Acquired at Cost Activities Date 20 units o $3,000.00 per unit 30 units a $3,500.00 per unit 35 units a $12.000.00 per unit Apr. 1 Apr. 6 Apr 9 Apr. 17 Apr. 25 Beginning inventory.... Purchase... Sales ... Purchase... Purchase Sales ... Total... 5 units 10 units $4,500.00 per unit $4,800.00 per unit $14,000.00 per unit 25 units 60 units Apr. 30 65 units 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, (D) LIPO, (e) 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. Check (3) Ending inventory FEO 524.000 UFO $15,000, WA $20.000 (4) LIFO gross profit. $549.500

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

Auditing Assurance And Risk

Authors: W. Robert Knechel, Steve Salterio, Brian Ballou

2rd Edition

0324022131, 978-0324022131

More Books

Students also viewed these Accounting questions