5 3.57 points Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 March 15 Activities Beginning inventory Purchase August 21 September 5 Purchase Sales Purchase Purchase September 10 Sales eBook Totals Units Acquired at Cost 700 units @ $50 per unit Units Sold at Retail 350 units 150 units $44 per unit @ $32 per unit 705 units @ $80 per unit 190 units 540 units @ $55 per unit @ $51 per unit 1,930 units 730 units @$80 per unit 1,435 units Print Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale References Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory 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 700 units from beginning inventory, 250 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Inventory Balance Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit January 1 700 at $ 50.00 = February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 $ 35,000.00 September 5 Total September 5 September 10 Total September 10 Totals 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold Inventory Balance Cost per Inventory January 1 # of units 700 at unit Balance $50.00 = $ 35,000.00 February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals $ 0.00 < Perpetual LIFO Specific Id > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. (For specific identification, units sold consist of 700 units from beginning inventor from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 from the September 5 purchase.) Specific Identification Goods Available for Sale Cost of Goods Sold Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold # of units in ending Ending Inventory Cost per unit Ending Inventory Sale inventory January 1 $ 0 $ 0.00 $ 0 0.00 0 February 10 March 13 August 21 0 0.00 0 0.00 0 0 0.00 0 0.00 0 0 0.00 0 0.00 0 September 5 0 0.00 0 Total 0 $ 0 0 $ 0 $ 0 < Weighted Average Specific Id > 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.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification $ 0 $ 0 $ 0 $ 0 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 O FIFO QUEO