Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 March 15 Purchase Sales August 21 Purchase Septeber 5 Purchase September 10 Sales Totals Required: Units Acquired at Cost Units Sold at Retail 600 units 400 units 200 units @ $45 per unit @ $42 per unit @$27 per unit 800 units @ $75 per unit 100 units 500 units @ $50 per unit @ $46 per unit 600 units @$75 per unit 1,800 units 1,400 units 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete and correct. Cost of goods available for sale $ Number of units available for sale 77,200 1,800 units 2. Compute the number of units in ending inventory. Ending inventory Answer is complete and correct. 400 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 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase. Answer is complete but not entirely correct. Ending Inventory (a) FIFO $ 400 (b) LIFO $ 350 x (c) Weighted average $ 200 (d) Specific identification $ 105