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Compute gross by the company for each of the four costing methods Sales Totals 1,700 units 600 units e $80 per unit 1,345 units Required:
Compute gross by the company for each of the four costing methods
Sales Totals 1,700 units 600 units e $80 per unit 1,345 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 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 540 units from beginning inventory, 360 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 225 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decima places.) Complete this question by entering your answers in the tabs beipw. Required 1 Required 2 Required 3 Required 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 Specific LIFO Weighted Average Identification 107,600 $ 107,600.5 107,600 $ 107,600 Sales Less: Cost of goods sold Gross profit $ 107,600 $ 107,600 $ 107,600S 107,600 (Required 3 Recru Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units $55 per unit Feb. 10 Purchase 460 units @ $53 per unit Mar. 13 Purchase 100 units @ $40 per unit Mar. 15 Sales 745 unitse $80 per unit Aug. 21 Purchase 170 units $61 per unit Sept. 5 Purchase 430 units $54 per unit Sept. 10 Sales 600 units $80 per unit Totals 1,700 units 1,345 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending inventory using (8) FIFO (6) LO. (weighted average, and (d) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 360 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 225 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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.) Weighted Specific FIFO LIFO Step by Step Solution
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