Compute gross profit earned by the company for each of the

Reference no: EM13583353

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

200

units

@ $53.00/unit

Mar.

Purchase

275

units

@ $58.00/unit

Mar.

Sales

360

units

@ $88.00/unit

Mar.

Purchase

135

units

@ $63.00/unit

Mar.

Purchase

250

units

@ $65.00/unit

Mar.

Sales

230

units

@ $98.00/unit

Totals

860

units

590

units

Required:
1.	Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.)


Cost of goods available for sale	$
Number of units available for sale		units

2.	Compute the number of units in ending inventory.

Ending inventory

units

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 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 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 weighted average cost to 3 decimal places. Round your final answers to nearest whole dollar amount. Omit the "$" sign in your response.)

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

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.)

	Gross profit
FIFO	$
LIFO	$
Weighted average	$
Specific identification	$

Reference no: EM13583353

Questions Cloud

Calculate the value of kp for this dissociation reaction at : a sample of n2o4g is placed in an empty cylinder at 25oc. after equilibrium is reached the total pressure is 1.5 atm

Identify and describe 3 retail firms note which of the 3 : as a newly promoted vice president vp your chief executive officer ceo has invited you to participate in this years

On a frozen pond a 10kg sled is given a kick that imparts : on a frozen pond a 10kg sled is given a kick that imparts to it an intial speed of v0 2.0ms. the coefficient of the

Prepare a monthly cash budget and supporting schedules for : prepare a monthly cash budget and supporting schedules for march april and may. input all amounts as positive values

Compute gross profit earned by the company for each of the : anthony company uses a perpetual inventory system. it entered into the following purchases and sales transactions for

Separate a mixture of alkanes which hplc mode will you : separate a mixture of alkanes. which hplc mode will you choose and why? consider normal-phased reverse-phased

On april 30 2010 alvira co had 21600 units in process that : on april 30 2010 alvira co. had 21600 units in process that were 85 percent complete as to material 60 percent complete

Discuss the issues related to genetic diversity mutations : directions be sure to make an electronic copy ofyour answer before submitting it to ashworth college for grading.

Write down the null and alternative hypotheses to examine : car size m3bodyyearyear9.941small cars2003less than 200510.251small cars1996less than 200510.699small cars2012greater

User Account

All Pages