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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

150

units

@ $52.00/unit

Mar.

5

Purchase

250

units

@ $57.00/unit

Mar.

9

Sales

310

units

@ $87.00/unit

Mar.

18

Purchase

110

units

@ $62.00/unit

Mar.

25

Purchase

200

units

@ $64.00/unit

Mar.

29

Sales

180

units

@ $97.00/unit

Totals

710

units

490

units

1.

value: 10.00 points

Required information

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 3. Compute the cost assigned to ending inventory using (a) FIFO,(b) weighted average cost, and (c) specific identification. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 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 per unit costs to 3 decimal places and inventory balances to the nearest dollar amount. Omit the "$" sign in your response.) Ending Inventory (a) FIFO $ (b) Weighted average cost $ (c) 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 $ Weighted average $ Specific identification $ A physical inventory of Helmke Company taken at December 31 reveals the following. Per Unit Item Units Cost NRV Audio equipment Receivers 338 $ 93 $ 101 CD players 253 114 103 MP3 players 319 89 98 Speakers 197 55 44 Video equipment Handheld LCDs 473 153 128 VCRs 284 96 87 Camcorders 205 313 325 Car audio equipment Satellite radios 178 73 87 CD/MP3 radios 163 100 108 Required: 1. Calculate the lower of cost and net realizable value for the inventory applied separately to each item. (Omit the "$" sign in your response.) Item LCM applied to items Audio equipment Receivers $ CD players MP3 players Speakers Video equipment Handheld LCDs VCRs Camcorders Car audio equipment Satellite radios CD/MP3 radios Total $ 2. If the NRV amount is less than the recorded cost of the inventory, then record the lower of cost and NRV adjustment to the Merchandise Inventory account. (Omit the "$" sign in your response.) Date General Journal Debit Credit Dec. 31 (Click to select)Merchandise inventoryAccounts payableAccounts receivableCost of goods purchasedWages expenseWages payableGoods available for saleCost of goods sold (Click to select)Cost of goods soldMerchandise inventoryCost of goods purchasedGoods available for saleAccounts receivableAccounts payableWages payableWages expense

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