Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales...
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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost 645 units @ $45.00 per unit 490 units e $42.00 per unit 245 units @ $27.00 per unit Units Sold at Retail 980 units @$75.00 per unit 145 units 545 units @ $50.00 per unit @ $46.00 per unit 690 units $75.00 per unit 2,070 units 1,670 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete and correct. Cost of goods available for sale $ 88,540 Number of units available for sale 2,070 units 2. Compute the number of units in ending inventory. Answer is complete and correct. Ending inventory 400 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 645 units from beginning inventory, 345 from the February 10 purchase, 245 from the March 13 purchase, 95 from the August 21 purchase, and 340 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Ending Inventory (a) FIFO $ 12,710 (b) LIFO $ 12,400x (c) Weighted average S (d) Specific identification $ 12,462 12,410 x 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. FIFO LIFO Weighted Average Specific Identification Sales $ 109,650 $ 109,650 $ 109,650 $ 109,650 Less: Cost of goods sold Gross profit 49,530x $ 60,120 $ 49,840 x 59,810 49,778 x 49,830 $ 59,872 $ 59,820 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost 645 units @ $45.00 per unit 490 units e $42.00 per unit 245 units @ $27.00 per unit Units Sold at Retail 980 units @$75.00 per unit 145 units 545 units @ $50.00 per unit @ $46.00 per unit 690 units $75.00 per unit 2,070 units 1,670 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete and correct. Cost of goods available for sale $ 88,540 Number of units available for sale 2,070 units 2. Compute the number of units in ending inventory. Answer is complete and correct. Ending inventory 400 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 645 units from beginning inventory, 345 from the February 10 purchase, 245 from the March 13 purchase, 95 from the August 21 purchase, and 340 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Ending Inventory (a) FIFO $ 12,710 (b) LIFO $ 12,400x (c) Weighted average S (d) Specific identification $ 12,462 12,410 x 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. FIFO LIFO Weighted Average Specific Identification Sales $ 109,650 $ 109,650 $ 109,650 $ 109,650 Less: Cost of goods sold Gross profit 49,530x $ 60,120 $ 49,840 x 59,810 49,778 x 49,830 $ 59,872 $ 59,820
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