Units Acquired at Cost Units Sold at Retail Mar.

$11.00

Description

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

90

units

@ $50.80 per unit

Mar.

5

Purchase

220

units

@ $55.80 per unit

Mar.

9

Sales

Mar.

18

Purchase

80

units

@ $60.80 per unit

Mar.

25

Purchase

140

units

@ $62.80 per unit

Mar.

29

Sales

Activities

250

120

Totals

530

units

Compute gross profit earned by the company for each of the four costing methods. For specific
identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the
March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units
from the March 25 purchase. (Round weighted average cost per unit to two decimals.)

Sales
Less COGS
Gross Profit

FIFO
$
$
$

LIFO
$
$
$

Weighte
d Avg
$
$
$

Specific Identification
$
$
$

370

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