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 650 units @ $60.00 per unit Feb. 10 Purchase 425 units @ $57.00 per unit Mar. 13 Purchase 225 units @ $42.00 per unit Mar. 15 Sales 825 units @ $90.00 per unit Aug. 21 Purchase 150 units @ $65.00 per unit Sept. 5 Purchase 550 units @ $61.00 per unit Sept. 10 Sales 700 units @ $90.00 per unit Totals 2,000 units 1,525 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 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 650 units from beginning inventory, 275 from the February 10 purchase, 225 from the March 13 purchase, 75 from the August 21 purchase, and 300 from the September 5 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute cost of goods available for sale and the number of units available for sale. $ 60 Cost of goods available for sale Number of units available for sale 650 units Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the number of units in ending inventory. Ending inventory 2,000 units Required 1 Required 2 Required 3 Required 4 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 650 units from beginning inventory, 275 from the February 10 purchase, 225 from the March 13 purchase, 75 from the August 21 purchase, and 300 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.) Show less Ending Inventory (a) (b) (c) (d) FIFO LIFO Weighted average Specific identification Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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 Specific Average Identification Sales Less: Cost of goods sold Gross profit $ $ 0S 0 IS 0 0
