Ending inventory may not equal the cost of good available

Reference no: EM13602007

Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transacti?
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. 1 Beginning inventory 110 units @ $51.20/unit
Mar. 5 Purchase 230 units @ $56.20/unit
Mar. 9 Sales 270 units @ $86.20/unit
Mar. 18 Purchase 90 units @ $61.20/unit
Mar. 25 Purchase 160 units @ $63.20/unit
Mar. 29 Sales 140 units @ $96.20/unit
Totals 590 units 410 units

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, and (b) LIFO. (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 "$" sign in your response.)
Compute gross profit earned by the company for each of the two costing methods. (Round your per unit costs to 3 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Reference no: EM13602007

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