![]() ![]() The company's manager earns a bonus based on a percent of gross profit. (Round your average cost per unit to 2 decimal places.) 5. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) ![]() ![]() Compute the cost assigned to ending inventory using FIFO. (For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 170 from the March 13 purchase, 60 from the August 21 purchase, and 250 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Compute cost of goods available for sale and the number of units available for sale.ģ. It entered into the following calendar-yea purchases and sales transactions. Montoure Company uses a perpetual inventory system. Grays Company has inventory of 10 units at a cost of 10 each on August 1. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases and sales: What is the value of ending inventory (Round average cost per unit to 2 decimal places.) 278 272 126 398 120 Q7. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. It entered into the following purchases and sales transactions for March. 5 Sales Oct.Warnerwoods Company uses a perpetual inventory system. ![]() 1 Beginning inventory 60 units 50.20 per unit Mar. Date Activiies Units Acquired at Cost Units Sold at Recall Mar. 1 Beginning Inventory $ 2,000 Jan. 10 Sales Mar.14 Purchase 5,250 Mar. 15 Sales July 30 Purchase 9,000 Oct. Warnerwoods Company uses a perpetual inventory system. reported the following current-year purchases and sales for its only product.ĭate Activities Units Acquired at Cost Units Sold at Retail Jan. ![]()
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