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Compute the cost assigned to ending inventory using FIFO, LIFO, weighted average, and specific identification. Montoure Company uses a perpetual inventory system. It entered into
Compute the cost assigned to ending inventory using FIFO, LIFO, weighted average, and specific identification.
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Required: 1. Compute cost of goods available for sale and the number of units available for sale. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) compute the cost assigned to ending inventory using specific identification. (For specific identification, units sold consist of 660 units from rom the February 10 purchase, 110 from the March 13 purchase, 90 from the August 21 purchase, and 250 from the September 5 purchas 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places Step by Step Solution
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