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Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 570 units from beginning inventory, 280 from the
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 570 units from beginning inventory, 280 from the February 10 purchase, 190 from the March 13 purchase, 150 from the August 21 purchase, and 300 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 Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 570 units @ $50 per unit Feb. 10 Purchase 380 units@ $47 per unit Mar. 13 Purchase 190 units @ $35 per unit Mar. 15 Sales 700 units @ $75 per unit Aug. 21 Purchase 200 units @ $55 per unit Sept. 5 Purchase 590 units @ $53 per unit Sept. 10 Sales 790 units @ $75 per unit Totals 1,930 units 1,490 units
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