Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

700

units

@ $40.00 per unit

Feb.

10

Purchase

450

units

@ $37.00 per unit

Mar.

13

Purchase

250

units

@ $22.00 per unit

Mar.

15

Sales

850

units

@ $70.00 per unit

Aug.

21

Purchase

200

units

@ $45.00 per unit

Sept.

5

Purchase

600

units

@ $41.00 per unit

Sept.

10

Sales

800

units

@ $70.00 per unit

Totals

2,200

units

1,650

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 700 units from beginning inventory, 250 from the February 10 purchase, 250 from the March 13 purchase, 100 from the August 21 purchase, and 350 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.)

Ending Inventory

(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. Round your final answers to the nearest whole dollar amount.)

	FIFO	LIFO	Weighted Average	Specific Identification
Sales
Less: Cost of goods sold
Gross profit	$0	$0	$0	$0