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

January $1$Beginning inventory$645$units$$@ $$45\mathrm{.}00$ per unit$$

February $10$Purchase$490$units$$@ $$42\mathrm{.}00$ per unit$$

March $13$Purchase$245$units$$@ $$27\mathrm{.}00$ per unit$$

March $15$Sales$980$units$$@ $$75\mathrm{.}00$ per unit

August $21$Purchase$145$units$$@ $$50\mathrm{.}00$ per unit$$

September $5$Purchase$545$units$$@ $$46\mathrm{.}00$ per unit$$

September $10$Sales$690$units$$@ $$75\mathrm{.}00$ per unit

$$Totals$2,070$units$1,670$units$$

Required:

Compute cost of goods available for sale and the number of units available for sale.

Compute the number of units in ending inventory.

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 $645$ units from beginning inventory, $345$ from the February $10$ purchase, $245$ from the March $13$ purchase, $95$ from the August $21$ purchase, and $340$ from the September $5$ purchase.

Note: Round your average cost per unit to $2$ decimal places. Round your final answers to the nearest whole dollar amount.

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

Note: Round your average cost per unit to $2$ decimal places. Round your final answers to the nearest whole dollar amount.

The company$$s manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?

multiple choice

LIFO

Weighted Average

Specific Identification

FIFO