Question: March 1 Beginning inventory 190 units @ $52.80 per unit March 5 Purchase 270 units @ $57.80 per unit March 9 Sales 350 units @

March 1	Beginning inventory	190	units	@ $52.80 per unit
March 5	Purchase	270	units	@ $57.80 per unit
March 9	Sales				350	units	@ $87.80 per unit
March 18	Purchase	130	units	@ $62.80 per unit
March 25	Purchase	240	units	@ $64.80 per unit
March 29	Sales				220	units	@ $97.80 per unit
	Totals	830	units		570	units

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. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase.

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

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