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Can someone please help me with the answers to question 3 & 4. Homework Ch #5 A Saved 1 Montoure Company uses a periodic inventory
Can someone please help me with the answers to question 3 & 4.
Homework Ch #5 A Saved 1 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail 33.33 points Units Acquired at Cost 655 units @ $45.00 per unit 510 units @ $42.00 per unit 255 units $27.00 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 1,020 units @ $75.00 per unit 155 units 555 units @ $50.00 per unit @ $46.00 per unit eBook @ $75.00 per unit 710 units 1,730 units 2,130 units Print Required: 1. Compute cost of goods available for sale and the number of units available for sale. References $ $ Cost of goods available for sale Number of units available for sale 91,060 2,130 units 2. Compute the number of units in ending inventory. Ending inventory 400 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 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.) Homework Ch #5 i Saved 1 2. Compute the number of units in ending inventory. Ending inventory 400 units 33.33 points eBook 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 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.) Print References Ending Inventory $ 18,400 $ 18,000 (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.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $Step by Step Solution
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