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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Complete this question by entering your answers in the tabs below. Weighted Perpetual FIFO Perpetua LIFOAverage Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 630 units from beginnir from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase. (R cost per unit to 2 decimal places.) Specific Identification: Goods Purchasec Cost of Goods Sold Inventory Balance #of units Cost per unit l # of units Costper Cost of Goods Sold | Cost per Inventory Balance 630 50.00 $31,500.00 630|@ $ 50.00!=| $ 31,500.00 17,020.00 $ 48,520.00 Date # of units sold unit January 1 February 10 370a$46.00 370 46.00 - Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 630 units $50 per unit Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 370 units e $46 per unit 100 units e $34 per unit 740 unitse $75 per unit 160 units $55 per unit 520 unitse $51 per unit 680 units $75 per unit 1,420 units Totals 1,780 units March 15 Aug 21 Sep 5 Sep 10 Totals 0.00 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Answer is not complete. Weighted Specific Identification FIFO LIFO Average 108 x Sales Less: Cost of goods sold Gross profit $ 18,108 69,132 0 (51,024) 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Complete this question by entering your answers in the tabs below. Weighted Perpetual FIFO Perpetua LIFOAverage Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 630 units from beginnir from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase. (R cost per unit to 2 decimal places.) Specific Identification: Goods Purchasec Cost of Goods Sold Inventory Balance #of units Cost per unit l # of units Costper Cost of Goods Sold | Cost per Inventory Balance 630 50.00 $31,500.00 630|@ $ 50.00!=| $ 31,500.00 17,020.00 $ 48,520.00 Date # of units sold unit January 1 February 10 370a$46.00 370 46.00 - Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 630 units $50 per unit Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 370 units e $46 per unit 100 units e $34 per unit 740 unitse $75 per unit 160 units $55 per unit 520 unitse $51 per unit 680 units $75 per unit 1,420 units Totals 1,780 units March 15 Aug 21 Sep 5 Sep 10 Totals 0.00 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Answer is not complete. Weighted Specific Identification FIFO LIFO Average 108 x Sales Less: Cost of goods sold Gross profit $ 18,108 69,132 0 (51,024)
