Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montoure Company uses a periodic inventory system. It entered into the following calendar year Durches and Date hotivitis January 1 Beginning inventory February 10 Purchase

image text in transcribed
image text in transcribed
Montoure Company uses a periodic inventory system. It entered into the following calendar year Durches and Date hotivitis January 1 Beginning inventory February 10 Purchase Haro 13 Durchase Maceh 15 Sales August 21 Purchase September 5 Duehase September 10 Sales Totals Units et cont 695 units 590 units 542.00 per wie 295 units $27.00 per 195 units 595 units 550.00 per 46.00 per Required: 1. Compute cost of goods available for sale and the number of units available for sale 2,370 units 1.970 wita Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory Ending inventory units 3. Compute the cost assigned to ending Inventory using (@FIFO (6) LIFO (a welghted average, and (specificider specific identification, units sold consist of 695 units from beginning Inventory. 395 from the February 10 purchase. (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 de 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 $ Montoure Company uses a periodic inventory system. It entered into the following calendar year Durches and Date hotivitis January 1 Beginning inventory February 10 Purchase Haro 13 Durchase Maceh 15 Sales August 21 Purchase September 5 Duehase September 10 Sales Totals Units et cont 695 units 590 units 542.00 per wie 295 units $27.00 per 195 units 595 units 550.00 per 46.00 per Required: 1. Compute cost of goods available for sale and the number of units available for sale 2,370 units 1.970 wita Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory Ending inventory units 3. Compute the cost assigned to ending Inventory using (@FIFO (6) LIFO (a welghted average, and (specificider specific identification, units sold consist of 695 units from beginning Inventory. 395 from the February 10 purchase. (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 de 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 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Harrison, Horngren, Thomas

1st Edition

0558823513, 978-0558823511

More Books

Students also viewed these Accounting questions

Question

Why didn't we discuss giftedness in depth in this class? Explain.

Answered: 1 week ago