Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases...

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Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales transactions. Activities Units Sold at Retail Units Acquired at Cost 640 units@ $44 per unit 210 units@ $40 per unit 120 units@ $20 per unit Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 170 units@ $60 per unit 290 units@ $48 per unit 1,430 units 410 units @ $75 per unit 230 units@ $75 per unit 640 units Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 520 units from beginning inventory and 120 units from the March 13 purchase, and (c) weighted average cost. (Round per unit to 2 decimals, but inventory balances to the dollar.) Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales transactions. Activities Units Sold at Retail Units Acquired at Cost 640 units@ $44 per unit 210 units@ $40 per unit 120 units@ $20 per unit Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 170 units@ $60 per unit 290 units@ $48 per unit 1,430 units 410 units @ $75 per unit 230 units@ $75 per unit 640 units Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 520 units from beginning inventory and 120 units from the March 13 purchase, and (c) weighted average cost. (Round per unit to 2 decimals, but inventory balances to the dollar.)

Answer rating: 100% (QA)

Perpetual aF... View the full answer