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

760

units

@ $70.00 per unit

Feb.

10

Purchase

480

units

@ $67.00 per unit

Mar.

13

Purchase

280

units

@ $52.00 per unit

Mar.

15

Sales

880

units

@ $100.00 per unit

Aug.

21

Purchase

260

units

@ $75.00 per unit

Sept.

5

Purchase

660

units

@ $71.00 per unit

Sept.

10

Sales

1,000

units

@ $100.00 per unit

Totals

2,440

units

1,880

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 760 units from beginning inventory, 220 from the February 10 purchase, 280 from the March 13 purchase, 130 from the August 21 purchase, and 490 from the September 5 purchase.

4. Compute gross profit earned by the company for each of the four costing methods.