Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Date Activities Units Acquired at Cost Units Sold at Retail
- Mar. 1 Beginning inventory 160 units @ $52.20/unit
- Mar. 5 Purchase 255 units @ $57.20/unit
- Mar. 9 Sales 320 units @ $87.20/unit
- Mar. 18 Purchase 115 units @ $62.20/unit
- Mar. 25 Purchase 210 units @ $64.20/unit
- Mar. 29 Sales 190 units @ $97.20/unit
- Totals 740 units 510 units
1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 3 decimal places and inventory balances to the nearest dollar amount. Omit the "$" sign in your response.)
2. What is the Ending Inventory for using Weighted average method?