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I especially need help with the second part of question#3 - Costs of Good sold for weighted average. Please show your work as well as
I especially need help with the second part of question#3 - Costs of Good sold for weighted average. Please show your work as well as the answer
I especially need help with the second part of question#3 - Costs of good sold for Weighted Average. Please show your work as well as the answer
Montoure Company uses a periodic inventory system. It entered into the following calendar year 2015 purchases and sales transactions. Date Units Sold at Retail Activities Units Acquired at Cost Jan. 1 Beginning inventory 760 units @$70.00 per unit Feb. 10 Purchase 480 units @$67.00 per unit Mar. 13 Purchase 280 units @$52.00 per unit Mar. 15 Sales 880 units@ S100.00 per unit Aug. 21 Purchase 260 units $75.00 per unit Sept. 5 Purchase 660 units S71.00 per unit Sept. 10 Sales 1,000 units@ S100.00 per unit Totals 2,440 units 1,880 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 3. Compute the cost assigned to ending inventory using (a) FlFO. (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 760 units from beginning inventory, 220 from the February 10 purchase, 280 from the March 13 purchase, 130 from the August 21 purchase, and 490 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Ending invento (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Weighted Specific Average identificati Sales Less: Cost of goods sold Gross profitStep by Step Solution
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