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. 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? Specific Identification LIFO Weighted Average FIFO Perpetual LIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{|l} Date \\ January 1 \end{tabular}} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \multicolumn{2}{|c|}{# of units } & \multirow{2}{*}{\begin{tabular}{c} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $40.00 \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & 600 & at & & = & $24,000.00 \\ \hline \multicolumn{11}{|l|}{ February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|c|}{ Total February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 13} \\ \hline \multicolumn{11}{|l|}{ Total March 13} \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 15}} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ August 21}} \\ \hline & & & & & & & & & & \\ \hline Total August 21 & & & & & & & & & & \\ \hline \end{tabular} Perpetual FIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{l} Date \\ January 1 \end{tabular}} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \multicolumn{2}{|c|}{# of units } & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $40.00 \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & 600 & at & & = & $24,000.00 \\ \hline \multicolumn{11}{|l|}{ February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total February 10} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ March 13}} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 13}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 15} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ August 21}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline Total August 21 & & & & & & & & & & \\ \hline \end{tabular} Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. \begin{tabular}{llrl} Date & \multicolumn{1}{c}{ Activities } & Units Acquired at Cost & Units Sold at Retail \\ January 1 & Beginning inventory & 600 units @ $40 per unit & \\ February 10 & Purchase & 360 units @ $37 per unit & \\ March 13 & Purchase & 150 units @ $25 per unit & \\ March 15 & Sales & & \\ August 21 & Purchase & 200 units @ $45 per unit & \\ September 5 & Purchase & 580 units @ $42 per unit & \\ September 10 & Sales & & 780 units @ $80 per unit \\ & Totals & 1,890units & 1,545 units \\ \hline \hline \end{tabular} Specific Identification \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{3}{|c|}{ Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \# of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of Goods \\ Available for \\ Sale \end{tabular} & \begin{tabular}{c} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{l} \# of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Ending \\ Inventory \end{tabular} \\ \hline January 1 & ? & & $ & & $0.00 & $ & & 0.00 & 0 \\ \hline February 10 & & & 0 & & 0.00 & 0 & & 0.00 & 0 \\ \hline March 13 & ? & & 0 & & 0.00 & 0 & & 0.00 & 0 \\ \hline August 21 & ? & & 0 & & 0.00 & 0 & & 0.00 & 0 \\ \hline September 5 & & & 0 & & & & & 0.00 & 0 \\ \hline Total & 0 & & $ & 0 & & $ & 0 & & $ \\ \hline \end{tabular} Weighted Average Perpetual