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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 Retail 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 Retail Units Acquired at Cost 660 units @ $65.00 per unit 430 units @ $62.00 per unit 230 units @ $47.00 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 830 units @ $95.00 per unit 160 units @ $70.00 per unit 560 units @ $66.00 per unit 720 units@ $95.00 per unit 1,550 units 2,040 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 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 (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 660 units from beginning inventory, 270 from the February 10 purchase, 230 from the March 13 purchase, 80 from the August 21 purchase, and 310 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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