FIFO, LIFO, WAV, and Specific Identification. The top portion includes the units at cost and units sold.

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 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 19 Sales Totals 700 units@ $75 per unit 200 units @ $55 per unit 590 units@ $53 per unit 790 units 575 per unit 1,490 units 1,938 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 $ 36,936 1,490 units 2. Compute the number of units in ending inventory. Ending inventory 440 units Perpetual FIFO Goods Purchased # of Cost per units unit Cost of Goods Sold of units Cost per sold unit Cost of Goods Sold Date Inventory Balance #of units cost per Inventory unit Balance 570 @ $50.00 = $ 28,500.00 Jan 1 Feb 10 Mar 13 Mar 15 erences Aug 21 Sept 10 0.00l Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per cost of Good Sold unit Cost of Goods Sold of Date Cost per unit of units sold Inventory Balance of units of unite Cost per Inventory unit Balance 570 @ $50.00 - $ 28,500.00 units Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 Weighted Average Perpetual: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit of units sold Date Inventory Balance Cost per Inventory of units o unite Balance 570 @ $50.00 = $ 28,500.00 Jan 1 Feb 10 Average Mar 13 THA Mar 15 Aug 21 Average Sept 5 Sept 10 $ 0.00 Specific Identification: Inventory Balance Goods Purchased 1 of Cost per units unit Date of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit w a s sold of units of units 570 @ Inventory Balance $50.00 = $ 28,500.00 January 1 February 10 March 13 March 15 Aug 21 Sep 10 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.) FIFO L IFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 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? LIFO Specific identification FIFO Weighted Average pter 5 Part 6 Saved Units Sold at Retail Units Acquired at Cost 570 units @ $5e per unit 388 units @ $47 per unit 190 units@ $35 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 700 units @ $75 per unit 200 units@ $55 per unit 590 units@ $53 per unit 790 units @ $75 per unit 1,490 units 1,938 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 36,936 1.490 units 2. Compute the number of units in ending inventory. Ending inventory 440 units 3. Compute the cost assigned to ending inventory using (FIFO, (LIFO. (weighted average, and ich 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