4 Algorithmic Saved Help Save & Exit Subm Check my work Problem 6-4AA Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic 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 768 units @ $70.00 per unit Feb. 10 Purchase 480 units @ $67.00 per unit Mar. 13 Purchase 280 units @ $52.00 per unit Mar. 15 Sales 880 units@ $100.00 per unit Aug. 21 Purchase 260 units@ $75.00 per unit Sept. 5 Purchase 669 units@ $71.00 per unit Sept. 10 Sales 1,800 units @ $100.00 per unit Totals 2,448 units 1,880 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 $ 166,260 2,440 units 2. Compute the number of units in ending inventory. Connect 5-4 Algorithmic Seved Help Save & Exit Submit Check my work 2. Compute the number of units in ending inventory. Ending inventory 560 units 3. Compute the cost assigned to ending inventory using (a) FIFO (6) LIFO. ( weighted average, and (c) specific identification. For specific identification units sold consist of 760 units from beginning inventory, 220 from the February 10 purchase, 280 from the March 13 purchase, 130 from the August 21 purchase, and 490 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 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. Round your final answers to the nearest whole dollar amount.) Prev 1 of 1 !!! Next Proer 64AA Periode. Alternative cost FLO Choco Homework chapter & ACET 4 Algorithmic Seved Help Save & Exit Submit Check my work 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. Round your final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Weighted Average Specific Identification FIFO LIFO Prov 1 of 1 !!! Next