Accounting 210 Chapter 6 Exam

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    arker Company uses a perpetual inventory system. It entered into the following calendar-year 2005?

    Purchases and sales transactions:

    Alternative cost flows—perpetual
    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
    (Note: The units sold consist of 500 units from beginning inventory and 100 units from the
    March 13 purchase), and (d) weighted average.
    4. Compute the gross profit earned by the company for each of the four costing methods in part 3.
    Analysis Component
    5. If the company’s manager earns a bonus based on a percent of gross profit, which method of inventory
    costing will the manager likely prefer?
    Check (3) Ending inventory: FIFO,
    $33,040; LIFO, $35,440;WA, $34,055;
    (4) LIFO gross profit, $21,000

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