Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Aug 2017 My Price 7.00

Marlow Company

Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 201 1 purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory . . . . . . . . . . 600 units @ $44/unit Feb. 1 0 Purchase . . . . . . . . . . . . . . . . . . . 200 units @ $40/unit Mar. 1 3 Purchase . . . . . . . . . . . . . . . . . . . 1 00 units @ $20/unit Mar. 1 5 Sales . . . . . . . . . . . . . . . . . . . . . . 400 units @ $75/unit Aug. 21 Purchase . . . . . . . . . . . . . . . . . . . 1 60 units @ $60/unit Sept. 5 Purchase . . . . . . . . . . . . . . . . . . . 280 units @ $48/unit Sept. 1 0 Sales . . . . . . . . . . . . . . . . . . . . . . 200 units @ $75/unit Totals . . . . . . . . . . . . . . . . . . . . . 1 ,340 units 600 units Required 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, (b) LIFO, (c) specific identification—units sold consist of 500 units from beginning inventory and 100 units from the March 13 purchase, and (d) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Analysis Component 5. If the company’s manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer? Check (3) Ending inventory: FIFO, $33,040; LIFO, $35,440; WA, $34,055; (4) LIFO gross profit, $21 ,000

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Maurice Tutor
(5)
Status NEW Posted 09 Aug 2017 11:08 PM My Price 7.00

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