Mittler & Sons Inc. had the following purchases and salestransactions during the month of April 2019. Mittler uses theperpetual inventory method to account for inventory.
Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1Beginning inventory 20 units @ $3,000 per unit Apr. 6 Purchase 30units @ $3,500 per unit Apr. 9 Sales 35 units @ $12,000 per unitApr. 17 Purchase 5 units @ $4,500 per unit Apr. 25 Purchase 10units @ $4,800 per unit Apr. 30 Sales 25 units @ $14,000 per unitTotal 65 units 60 units Required
1. Compute cost of goods available for sale and the number of unitsavailable for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using (a) LIFO,and (b) weighted average (round amounts to two decimals, Ifneeded)
4. Compute gross profit earned by the company for both costingmethods in part 3.
Reminder: Continue using the excel HW policies for preparing yoursolutions to the above questions, including the standard four lineheading. (Please send through a memory card chip)(don't forget touse excel)
