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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Sold at Retail Jan. 1 Beginning inventory Units Acquired at Cost @ $60 600 units per unit @ $57 400 units per unit @ $45 150 units per unit Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales @ $85 750 units per unit Aug. 21 Purchase @ $65 150 units per unit @ $61 450 units per unit Sept. 5 Purchase @ $85 60 units ner Sent. 10 Sales Sept. 10 Sales @ $85 600 units per unit 1,350 units Totals 1,750 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 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual Fifo Perpetual LIFO Weighted Average Specific ld Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Sold Goods Purchased of Costa units unit Cost of God #of units sold Date Cost per cost of Goods Sold unit Inventory Balance Cost per Inventory of units unit Balance 600 @ $60.00 $ 35,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Mar 15 Aug 21 Sept 5 Sept 10 Totals Perpetual FIFO Perpetual LIFO > Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per cost of Goods Sold unit # of units unit unit Inventory Balance $ 35,000.00 Jan 1 600 @ $ 60.00 = Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sopt 10 Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Cost per # of units Date # of units sold Cost per unit Inventory Balance Cost per Inventory # of units unit Balance 600 @ $ 60.00 = $36,000.00 Cost of Goods Sold unit Jan 1 Feb 10 es Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific id Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 600 $ 60.00 $ 27,000 $ 60.00 Beginning inventory Purchases: Feb 10 400 $ 57.00 16,800 330 S 57.00 18,810 70 3,990 $ 57.00 $ 45.00 March 13 150 $ 45.00 5,400 Aug 21 150 $ 65.00 5,000 $ 65.00 $ 61.00 Sep 5 450 $ 61.00 23,000 Total 1,750 $ 77,200 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 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 LIFO FIFO