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In: Accounting
ACCT 110 ASSIGNMENT FOUR Mercado Company’s inventory transactions in the fiscal year ended December 31, 2002,...
ACCT 110 ASSIGNMENT FOUR Mercado Company’s inventory transactions in the fiscal year ended December 31, 2002, follow: Jan 1 Beginning inventory…………………. 700 units @ $55/unit Feb 10 Purchase……………………………… 550 units @ $56/unit Mar. 13 Purchase………………………………. 220 units @ $57/unit Aug 21 Purchase……………………………… 270 units @ $58/unit Sept. 5 Purchase…………………………….. 445 units @ $59/unit Mercado company uses a perpetual inventory system. Its inventory had a selling price of $100 per unit, and it entered into the following sales transactions: Feb. 15 Sales………………………………………… 530 units @$100/unit Aug. 10 Sales………………………………………… 235 units @100/unit Required 1. Compute both cost of goods available for sale and the number of units available for sale. 2. Compute the number of units remaining in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification (note: 700 units from beginning inventory and 65 units from February 13 purchase are sold), and (d) weighted average.
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