Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need Aug 21 inventory balance: # of units, cost per unit, average cost per unit. Montoure Company uses a perpetual inventory system. It entered

I need Aug 21 inventory balance: # of units, cost per unit, average cost per unit.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Acquired at Cost Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase 540 units@ $55 per unit 460 units@ $53 per unit 100 units@ $40 per unit Mar. 13 Purchase Mar. 15 Sales 745 units @ $80 per unit Aug. 21 Purchase 170 units @ $61 per unit 430 units @ $54 per Sept. 5 Purchase unit Sept. 10 Sales 600 units @ $80 per Totals 1,700 units unit 1,345 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 $ 91,670 1700 units 2. Compute the number of units in ending inventory. Etory 355 3. Compute the cost assigned to ending inventory using (2) FIFO, (6) LIFO. (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 540 units from beginning inventory 360 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 225 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual Puro Perpetual Liro Weighted Average Specincta Compute the cont assigned to ending inventory wing weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual Goods Purchased Cost of Goods Sold Inventory Balance 1 of Cost per Date # of units Cost per cost of Goods Sold Cost per units Inventory of units unit sold unit unit Balance Jan 540 $5500 329.700.00 Feb 10 400) 35300 540 Average $ 5500 553 00 $5408 $29.700.00 2433000 $54.000.00 1000 100 540.00 1000 100 1.100 $5408 $40.00 $5230 55408000 4,000.00 55808000 Feb 10 460 @ $53.00 Average 540) @ $ 55.00 = 460 @ $53.00 - 1,000 @ $ 54,08 = $ 29,700.00 24 380.00 $54,080.00 Mar 13 100 @ $ 40.00 1,000 @ $54.08 = 100 $ 40.00 = 1.100 @ $5280) = 355 $5280= 355 $ 52 80 = $ 54,080.00 4,000.00 $ 58,080.00 Mar 15 7450 $ 52.80 $ 39, 336.00 Aug 21 1701 $6100 $ 18,744.00 $ 18,744.00 Average Sept5 355 @ $ 18,744.00 4301 S5400 430 430 $5400 554 80 Sept 10 800@55480 23.220.00 $ 23 220.00 $ 19,454 00 Totals $32.880.00 $ 72216 00 355 $ 54 80-

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

=+a. Interpret the value of the slope.

Answered: 1 week ago

Question

=+5. How would you rewrite the copy to make it more effective?

Answered: 1 week ago