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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
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 680 units from beginning inventory, 260 from the February 10 purchase, 240 from the March 13 purchase, 90 from the August 21 purchase, and 330 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)
Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)
Montoure Company uses a periodic inverntory system entered into the following calendar-year 201 purchases and sales transactions Units Sold at Retail Date Jan.. ! Beginning inventory 680 units $75.00 per unit Feb. 10 Purchase Mar 13 Purchase Mar 15 Sales Aug 21 Purchase Sept 5 Purchase Units Acquired at Cost 440 units $72.00 per unit 240 units 557.00 per unite 840 units@$105.00 per unit ts@ s105 00 180 units $80.00 per unit 580 units $76.00 per unit Sales 760 units@ $10500 per unit otals 2,120 units 1,600 units Compute cost of goods available for sale and the number of units available for sale Cost of goods available for saleS 154.840 Number of units available for sale 2 120 unitsStep by Step Solution
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