Anthony Company uses a perpetual inventory system. It entered into the following

Question

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

3.
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) 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) LIFO $
(c) Weighted average $
(d) Specific identification $

Explanation / Answer

60____ 420 ___ 90____ 630 140___ 840___ 80____ 480 35____ 175___ 55____ 275 235___ $1,435__ 225___ $1,385 (a) Specific identification COGS $1,435 Ending Inventory $1,385 (b) Weighted Average Ending Inventory 6.1478 __ 225__ $1,383 COGS__ 235__ $1,445 (c) FIFO Ending Inventory 20-Mar__ 135 __ 6__ 810 30-Mar__ 90___ 5__ 450 ___________________ $1,260 Beginning Inv _150_ 7__ 1,050 20-Mar___ 85_ 6__ 510 COGS_____________ $1,560 (d) LIFO Ending Inventory Beginning_ 150__ 7 __ 1,050 20-Mar___ 75__ 6 __ 450 _______________ $1,500 30-Mar__ 90__ 5__ 450 20-Mar 145_ 6__ 870 COGS_________ $1,320

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