Montoure Company uses a periodic inventory system. (Any help would be greatly appreciated!)

Date

Activities

units Acquired at Cost

units Sold at Retail

Jan.

1

Beginning inventory

710

units

@ $45.00 per unit

Feb.

10

Purchase

455

units

@ $42.00 per unit

Mar.

13

Purchase

255

units

@ $27.00 per unit

Mar.

15

Sales

855

units

@ $75.00 per unit

Aug.

21

Purchase

210

units

@ $50.00 per unit

Sept.

5

Purchase

610

units

@ $46.00 per unit

Sept.

10

Sales

900

units

@ $75.00 per unit

Totals

2,240

units

1,755

units

Note: units Sold at retail starts 3 column from right

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 710 units from beginning inventory, 245 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 440 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) a. FIFO b. LIFO c. Weighted Average d. Specific Identification

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

Thank you!