Purchases and sales transactions:Alternative cost flows—perpetualJan. 1 Beginning inventory . . . . . . . 600 units @ $44/unitFeb. 10 Purchase . . . . . . . . . . . . . . . 200 units @ $40/unitMar. 13 Purchase . . . . . . . . . . . . . . . 100 units @ $20/unitMar. 15 Sales . . . . . . . . . . . . . . . . . . 400 units @ $75/unitAug. 21 Purchase . . . . . . . . . . . . . . . 160 units @ $60/unitSept. 5 Purchase . . . . . . . . . . . . . . . 280 units @ $48/unitSept. 10 Sales . . . . . . . . . . . . . . . . . . 200 units @ $75/unitTotals . . . . . . . . . . . . . . . . . 1,340 units 600 units1. 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 theMarch 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 Component5. If the company’s manager earns a bonus based on a percent of gross profit, which method of inventorycosting 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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