Date: Activities January 1 Beginning inventory February Purchase 10 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost Units Sold at Retail 680 units $40 per unit 320 units $35 per unit March 13 Purchase 100 units @$23 per unit March 15 Sales 720 units @ $75 per unit August 21 Purchase 130 units $45 per unit September Purchase 5 490 units $41 per unit September Sales 10 620 units $75 per unit Totals 1,720 units 1,340 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 units 2. Compute the number of units in ending inventory. Ending inventory 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase.) Perpetual Perpetual Weighted Specific FIFO LIFO Average Identific.. Compute the cost assigned to ending inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased. Inventory Balance Date Cost # of units per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per Inventory Balance January 11 unit $ 680 at $ 40.00 27,200.00 February 10 Total Fahnian Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Total September 10 Totals $ 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO > 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. FIFO LIFO Weighted Specific Average Identification Sales Less: Cost of goods sold Gross profit S 0 $ 0 $ 0 $ 0 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Specific Identification FIFO LIFO LIFO