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having a hard time figuring this out, anything helps! thank you in advance! 2 Problem 5-3A Perpetual: Alternative cost flows LO P1 52 Ints Montoure

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2 Problem 5-3A Perpetual: Alternative cost flows LO P1 52 Ints 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 700 units @ $50 per unit 350 units@ $44 per unit 150 units $32 per unit eBook 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 705 units $10 per unit 190 units 555 per unit 540 units 351 per unit References 1,938 units 730 units 580 per unit 1,435 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 495 units Check my wo 3. Compute the cost assigned to ending inventory using (a) FIFO (6) LIFO. () weighted average, and (c) specific identification. For specific identification, units sold consist of 700 units from beginning inventory, 250 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 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.) ces Perpetual FIFO: Goods Purchased #of units unit Date Cost per Cost of Goods Sold Cost per unit Cost of Goods Sold # of units sold Inventory Balance # of units Inventory unit Balance 700 @ 550.00 $ 35,000.00 Cost per Jan 1 Feb 10 Mar 13 Check my 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 LIFO Weighted Average Specific Identification Sales Less Cost of goods sold Gross profit $ 0 S 05 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? OLIFO O Weighted Average O FIFO

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