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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at R Units Acquired at Cost
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at R Units Acquired at Cost 640 units @ $45.00 per unit 480 units @ $42.00 per unit 240 units @ $27.00 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 960 units @ $75.0 140 units 540 units @ $50.00 per unit @ $46.00 per unit @ $75.0 680 units 1,640 units 2,040 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. $ 2,040 Cost of goods available for sale Number of units available for sale 1,640 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 640 units from beginning inventory, 340 from the February 10 purchase, 240 from the March 13 purchase, 90 from the August 21 purchase, and 330 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
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