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

Question

Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $ 44 /unit Feb. 10 Purchase 200 units @ $ 40 /unit Mar. 13 Purchase 100 units @ $ 20 /unit Mar. 15 Sales 400 units @ $ 75 /unit Aug. 21 Purchase 160 units @ $ 60 /unit Sept. 5 Purchase 280 units @ $ 48 /unit Sept. 10 Sales 200 units @ $ 75 /unit Totals 1,340 units 600 units 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

Explanation / Answer

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