Anthony company uses a perpetual inventory system it

Reference no: EM13575767

Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

Beginning inventory

170

units

@ $52.40/unit

Mar.

Purchase

260

units

@ $57.40/unit

Mar.

Sales

330

units

@ $87.40/unit

Mar.

Purchase

120

units

@ $62.40/unit

Mar.

Purchase

220

units

@ $64.40/unit

Mar.

Sales

200

units

@ $97.40/unit

Totals

770

units

530

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.

Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 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.)

		Ending Inventory
(a)	FIFO	$
(b)	LIFO	$
(c)	Weighted average	$
(d)	Specific identification	$

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (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.)

Reference no: EM13575767

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