Question

Help Save & Check Units Acquired at Cost 120 units $51.40 per unit 235 units @ $56.40 per unit Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 280 units $86.40 per unit 95 units @ $61.40 per unit 170 units @ $63.40 per unit 620 units 150 units @ $96.40 per unit 430 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 75 units from beginning inventory and 205 units from the March 5 purchase, the March 29 sale consisted of 55 units from the March 18 purchase and 95 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Avg. Cost Spec. ID 38,652 $ 38,652 5 38,652 $ FIFO 38,652 24 027 Gross Margin Sales Less: Cost of goods sold Gross profit $ BE 4 < Prev of 8 Next > o C h

Answer 1

FIFO METHOD		PURHASES	COST OF GOODS SOLD	ENDING INVENTORY
Date	Particulars	Units	Rate	Total Cost	Units	Rate	Total Cost	Units	Rate	Total Cost
Mar,01	Beginning inventory							120	$         51.40	$         6,168
Mar,05	Purchases	235	$                     56.40	$                 13,254				120	$         51.40	$         6,168
								235	$         56.40	$      13,254
Mar, 09	Sales				120	$             51.40	$           6,168
					160	$             56.40	$           9,024	75	$         56.40	$         4,230
Mar, 18	Purchases	95	$                     61.40	$                   5,833				75	$         56.40	$         4,230
								95	$         61.40	$         5,833
Mar, 25	Purchases	170	$                     63.40	$                 10,778				75	$         56.40	$         4,230
								95	$         61.40	$         5,833
								170	$         63.40	$      10,778
Mar, 29	Sales				75	$             56.40	$           4,230
					75	$             61.40	$           4,605	20	$         61.40	$         1,228
								170	$         63.40	$      10,778
	Total	500		$29,865	430		$24,027	190		$      12,006
LIFO METHOD		PURHASES	COST OF GOODS SOLD	ENDING INVENTORY
Mar,01	Beginning inventory							120	$         51.40	$         6,168
Mar,05	Purchases	235	$                     56.40	$                 13,254				120	$         51.40	$         6,168
								235	$         56.40	$      13,254
Mar, 09	Sales				235	$             56.40	$         13,254
					45	$             51.40	$           2,313	75	$         51.40	$         3,855
Mar, 18	Purchases	95	$                     61.40	$                   5,833				75	$         51.40	$         3,855
								95	$         61.40	$         5,833
Mar, 25	Purchases	170	$                     63.40	$                 10,778				75	$         51.40	$         3,855
								95	$         61.40	$         5,833
								170	$         63.40	$      10,778
Mar, 29	Sales				150	$             63.40	$           9,510	75	$         51.40	$         3,855
								95	$         61.40	$         5,833
								20	$         63.40	$         1,268
	Total	500		$29,865	430		$25,077	190		$      10,956
Weighted Average Cost Method	PURHASES	COST OF GOODS SOLD	ENDING INVENTORY
Mar,01	Beginning inventory							120	$         51.40	$         6,168
Mar,05	Purchases	235	$                     56.40	$                 13,254				355	$         54.71	$      19,422
Mar, 09	Sales				280	$             54.71	$         15,319	75	$         54.71	$         4,103
Mar, 18	Purchases	95	$                     61.40	$                   5,833				170	$         58.45	$         9,936
Mar, 25	Purchases	Add a comment Know the answer? Add Answer to: Help Save & Check Units Acquired at Cost 120 units $51.40 per unit 235 units @... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions Problem 5-1A Part 4 4. Compute gross profit earned by the company for each of the... Problem 5-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 75 units from beginning inventory and 205 units from the March 5 purchase; the March 29 sale consisted of 55 units from the March 18 purchase and 95 units from the March 25 purchase. 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