ences Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Units Sold at Retail Activities Beginning inventory February 10 Purchase March 13 March 15 August 21 September 5 Purchase Sales Purchase Purchase September 10 Sales Totals Units Acquired at Cost 600 units $40 per unit 360 units $37 per unit 150 units $25 per unit 765 unita #580 per unit 200 units 580 units 545 per unit $42 per unit 1,890 units 780 units $80 per unit 1,545 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 Print References 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase.) 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 Inventory Balance $24,000.00 Goods Purchased Date #of units Cost per # of units unit sold Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit January 1 600 at $40.00 February 10 Total February 10 March 131 Total March 13 March 15 Total March 15 August 211 Total August 21 Deptember 5 Total September 5 September 10 Total September 10 Totals Perpetual LIFO > 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. (For specific identification, units sold consist of 600 units from beginning Inventory, 260 from the February 10 purchase, 150 from the March 13 purchase. 150 from the August 21 purchase, and 385 from the September 5 purchase) 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 LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO Goods Purchased Cost of Goods Sold Date of units Cost per unit # of units sold unit Cost per Cost of Goods Sold of units Inventory Balance Cost per unit Inventory Balance 600 at $40.00 $24,000.00 January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September Total September 5 September 10 Total September 10 Totals Perpetual FIFO Weighted Average > eBook Print eferences 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, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase.) 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: Cost of Goods Sold Goods Purchased Date #of units Cost per unit # of units sold January 11 February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals Inventory Cost per Cost of Goods Sold # of units unit 600 at Inventory Balance Cost per unit. $40.00 Balance $24,000.00 References 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (d weighted average, and (d) specific identification. (For specific identification, units sold consist of 600 units from beginning Inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using specific identification. (For specific Identification, units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase.) Beecific Identification: Cost of Geeds Sold Goods Purchased toventory Balance Cate of units Cost per unit of units sold uni Cost per Cost of Goods Sold Cost per Inventary of units unit Balance January 1 February 10 600 $40.00 $40.00 $40.00 360 $37.00 al $37.00 " $37.00 March 13 150 at $25.00 al $2500- $25.00- August 21 200 at $45.00 at $45.00 September 5 Totals 500 al 1,000 $42.00 $42.00 . 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less Cost of goods sold Gross prof FIFO LIFO Weighted Average Specific Identification 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? OLIFO Weighted Average Specific Identification OFIFO