Accounting question?. help please. I
I've been working on this problem for 3hours but I keep getting it wrong... here's the info:
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 60 units @ $50.20/unit
Mar. 5 Purchase 205 units @ $55.20/unit
Mar. 9 Sales 220 units @ $85.20/unit
Mar. 18 Purchase 65 units @ $60.20/unit
Mar. 25 Purchase 110 units @ $62.20/unit
Mar. 29 Sales 90 units@ $95.20/unit
Totals 440 units 310 units
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 3 decimal places and inventory balances to the nearest dollar amount. Omit the "$" sign in your response.)
Now I need to find the information below:
Ending
Inventory
(a) FIFO $??
(b) LIFO $??
(c) Weighted average $??
(d) Specific identification $??
The answer that I keep getting which is wrong is (a)8,046(b)17,667(c)7410.88(d)17,467
So can you also explain the steps as to how I get to the answer... what times or plus what etc.
Thank You.