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Ming Company uses a perpetual inventory system. It entered into the following purchases and sales trans- PROBLEM SET B actions for April. (For specific identification, units sold consist of 20 units from beginning inventory, 30 units from the April 6 purchase, and 10 units from the April 25 purchase.) Problem 6-1B Perpetual: Alternative cost flows P1 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. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Problem 6-1B (40 minutes) 1. Compute cost of goods available for sale and units available for sale 2. Units in ending inventory UNITS IN ENDING INVENTORY Units available (from part 1)............ 65 units Less: Units sold (35+25) 60 units Ending Inventory (units) 5 units 3a. FIFO perpetual Problem 6-1B (Continued) Problem 6-1B (Concluded) 3d. Specific Identification Problem 6-2B A (40 minutes) 1. Compute cost of goods available for sale and units available for sale 2. Units in ending inventory UNITS IN ENDING INVENTORY Units available (from part 1) 65 units Less: Units sold (35+25) 60 units Ending Inventory (units) 5 units 3. a. FIFO-Periodic b. LIFO-Periodic Problem 6-2BA (Concluded) c. Weighted Average-Periodic 'If unit cost is not rounded, then cost of goods s d. Specific Identification