Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales transactions. Date Activities 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Acquired at Cost 680 units @ $44 per unit 220 units @ $40 per unit 140 units @ $20 per unit 180 units @ $60 per unit 300 units @ $48 per unit Units Sold at Retail 420 units @ $75 per unit 1,520 units 260 units @ $75 per unit 680 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales
transactions.
Date
Activities
1 Beginning inventory
Feb. 10 Purchase
Mar. 13 Purchase
Mar. 15 Sales
Aug. 21 Purchase
Sept. 5 Purchase
Sept. 10 Sales
Totals
Units Acquired at Cost
680 units @ $44 per unit
220 units @ $40 per unit
140 units @ $20 per unit
180 units @ $60 per unit
300 units @ $48 per unit
Units Sold at Retail
420 units @ $75 per unit
1,520 units
260 units @ $75 per unit
680 units
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
Cost of goods available for sale
Number of units available for sale
units
Transcribed Image Text:Marlow Company uses a perpetual inventory system. During the year, it entered into the following purchases and sales transactions. Date Activities 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Acquired at Cost 680 units @ $44 per unit 220 units @ $40 per unit 140 units @ $20 per unit 180 units @ $60 per unit 300 units @ $48 per unit Units Sold at Retail 420 units @ $75 per unit 1,520 units 260 units @ $75 per unit 680 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units
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