8 Problem 5-4AA (Algo) Perpetual: Alternative cost flows LO P3 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. 2.5 points Units Sold at Retail Units Acquired at Cost 640 units @ $45 per unit 480 units @ $42 per unit 240 units @ $27 per unit eBook Mar. Print Date Activities Jan 1 Beginning inventory Feb. 10 Purchase 13 Purchase Mar. 15 Sales Aug 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 880 units @ $75 per unit 140 units @ $50 per unit 620 units @ $46 per unit References 760 units @ $75 per unit 1,640 units 2,120 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 units 2. Compute the number of units in ending inventory. 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 (c) specific identification. (For specific identification, units sold consist of 640 units from beginning inventory, 380 from the February 10 purchase, 240 from the March 13 purchase, 90 from the August 21 purchase, and 290 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: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Date Inventory Balance Cost per Inventory # of units unit Balance 640 @ $ 45.00 $ 28,800.00 Jan 1 - Feb 10 Mar 13 Mar 15 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 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.) 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? O FIFO O Specific Identification Weighted Average O LIFO