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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 600 units @ $60 per unit 480 units @ $57 per unit 120 units @ $42 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 785 units @ $80 per unit 180 units @ $65 per unit 470 units @ $63 per unit 650 units @ $80 per unit 1,435 units 1,850 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 $ 109,710 1,850 units 3. 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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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 Date Cost of Goods Sold Cost per cost of unit Cost of Goods Sold # of units sold Inventory Balance Cost per Inventory # of units unit Balance 600 @ $60.00 = $ 36,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold # of units Cost per cost of Goods Sold sold osmiter Cost of Goods Sold Date # of units Cost per unit Inventory Balance # of units Cost per Inventory unit Balance 600 @ $60.00 = $ 36,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Date # of Cost per units unit Jan 1 # of units sold Cost of Goods Sold Cost per cost of Goods Sol unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 600 @ $60.00 = $ 36,000.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ 0.00 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 specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Specific Identification: Goods Purchased # of Cost per Date units unit January 1 February 10 # of units sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per unit inventory balance 600 @ $60.00 = $ 36,000.00 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals $ 0.00 Weighted Average Specific id
