Venus Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory . . . . . . . 600 units @ $55/unit
Jan. 10 Purchase . . . . . . . . . . . . . . . 450units @ $56/unit
Feb. 13 Purchase . . . . . . . . . . . . . . . 200 units @ $57/unit
Feb. 15 Sales . . . . . . . . . . . . . . . . . . 430 units @ $90/unit
July. 21 Purchase . . . . . . . . . . . . . . . 230 units @ $58/unit
Aug. 5 Purchase . . . . . . . . . . . . . . . 345 units @ $59/unit
Aug. 10 Sales . . . . . . . . . . . . . . . . . . 335 units @ $90/unit
Totals . . . . . . . . . . . . . . . . . 1,825 units 765 units
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) specific identification-units sold consist of 600 units from beginning inventory and 165 units from the February 13 purchase, and (d) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.)
4.Compute gross profit earned by the company for each of the four costing methods in part 3.