Compute gross profit earned by the company for each of the

Assignment Help Accounting Basics

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

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