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A company uses a prepetual inventory system. It entered intothe following calendar year 2009 purchases and salestransactions.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan.1 Begininginventory............... 770 units @$50/unit Feb. 10 Purchase............................. 420units @ $41/unit Mar.13 Purchase.............................. 260 units @ $25/unit Mar.15 Sales..................................... 770 units @ $75/unit Aug. 21 Purchase............................... 180 units @ $49/unit Sept. 5 Purchase............................... 585units @ $42/unit Sept. 10 Sales..................................... 650units @ $75/unit Totals.................................... 2,215units 1,420 units
a) Compute the cost assigned to ending inventory using(1) FIFL, (2) LIFO, (3) specific identification units sold consist of 95 unitsfrom beginning inventory, 175 from a February 10 purchase, 70from a March 13 purchase, and 455from a September 5 purchase, and (4) weighted average - round per unit cost to three decimalsand inventory balances to the dollar.
b) Compute gross profit earned by the company.
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Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.
Monthly loan payment deducted directly by the bank from the account (includes $320 in interest) (3320)
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