numbers 1-4 Problem 6-1B Perpetual: Alternative cost flows [ P1 Ming...
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Accounting
numbers 1-4
Problem 6-1B Perpetual: Alternative cost flows [ P1 Ming Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, units sold consist of 20 units from beginning inventory, 30 units from the April 6 purchase, and 10 units from the April 25 purchase.) 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) weighted average, and (d) specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3
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