Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(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 Date

(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 Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Asig. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Acquired at Cost 625 units @ $45 per unit 450 units @ $42 per unit 225 units @ $27 per unit 125 units @ $50 per unit 575 units @ $46 per unit 2,000 units Units Sold at Retail 850 units @ $75 per unit 700 units @ $75 per unit 1,550 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. Ending inventory units specific identification, units sold consist of 625 units from beginning inventory, 350 from the February 10 purchase. 225 from the regined iverRA, AND JOJ SPECINE Identification. (For March 13 purchase. 75 from the August 21 purchase, and 275 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. Jon 3 Feb 10 Mar 13 Mar 15 Date Goods Purchased #of units Cost of Goods Sold Cost per unit of units sold unit Cost per Cost of Goods Sold #of units Inventory Balance Cost per unit 625 0 Inventory Balance $45.00 $0.12500 < Prev Next 3 7:30 PM 2/20/2022 Mar 15 Aug 211 Sept 5 Sept 10 $ 0.00 Totals Perpetual FIFO Perpetual LIFO > $ 0.00 Check my w verpetuan ruperpetual Liru Average Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Jan 1 Feb 10 Goods Purchased loventory Balance Cost per unit Cost of Goods Sold Data #of units Cost per unit of units sold unit Cost per Cost of Goods Sold of units 625 $45.00 Inventory Balance $20,125 00 Mar 13 Mar 15 Aug 21 Seo15 < Pre 88 Ned Check my work Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 000 Perpetual FIFO Weighted Average > Check my work 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 #of Date units Cost of Goods Sold Inventory Balance Cost per unit of units sold unit Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance 625 a $45.00 $28.125.00 Check my work Jan 11 Feb 10 Average Mar 13 Mar 15 Aug 21 Averages Sept 5 Sept 10 Totals Perpetual LIFO 0.00 Specific id> Save & Exit Submit 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 625 units from beginning inventory, 350 from the February 10 purchase, 225 from the March 13 purchase, 75 from the August 21 purchase, and 275 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Goods Purchased Cost per Date units unit of units sold January T February 10 March 13 March 15 Aug 211 Cost of Goods Sold unit Cost per Cost of Goods Sold of units 125 Inventory Balance Cost per unit $45.00 Inventory Balance $ 20.125.00 Check my work March 13 March 15 Aug 211 Sep 5 Sep 10 Totals $ 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions