Question: Problem 1- Use the following information: Date Activities Units Acquired at Cost Units Sold at Retail 1-Mar Beginning Inventory 140 units @ $51.80/unit 5-Mar

Problem 1- Use the following information: Date Activities Units Acquired at Cost

Problem 1- Use the following information: Date Activities Units Acquired at Cost Units Sold at Retail 1-Mar Beginning Inventory 140 units @ $51.80/unit 5-Mar Purchase 245 units @ $56.80/unit 9-Mar Sales 300 units @ $86.80/unit 18-Mar Purchase 25-Mar Purchase 105 units @ $61.80/unit 190 units @ $63.80/unit 170 units @ $96.80/unit Totals 680 units avail. for sale 470 units sold *For specific identification: 9-Mar 85 units sold from Beg. Inv. and 215 units sold from 3/5 purchase 29-Mar 65 units sold from 3/18 purchase and 105 units sold from 3/25 purchase Perpetual Inventory System 1a Compute Ending Inventory and Gross Profit using FIFO. 1b Compute Ending Inventory and Gross Profit using LIFO. 1c Compute Ending Inventory and Gross Profit using Specific Identification.

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