Question
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions Date: January 1 Activities: Beginning inventory February
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions Date: January 1 Activities: Beginning inventory February 10 Purchase March 13 Purchase March 15 August 21 September 5 Sales Purchase Purchase September 10 Sales Totals Units Acquired at Cost Units Sold at Retail 620 units @$45.00 per unit 440 units 220 units @ $42.00 per unit @$27.00 per unit 880 units @$75.00 per unit) 120 units 520 units @$50.00 per unit @$46.00 per unit 1,920 units 640 units 1,520 units @$75.00 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale $ 82,240 Number of units available for sale 1,920 units 2. Compute the number of units in ending inventory. Ending inventory 400 units
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started