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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
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 690 units @ $45.00 per unit February 10 Purchase 580 units @ $42.00 per unit March 13 Purchase 290 units @ $27.00 per unit March 15 Sales 1,160 units @ $75.00 per unit August 21 Purchase 190 units @ $50.00 per unit September 5 Purchase 590 units @ $46.00 per unit September 10 Sales 780 units @ $75.00 per unit Totals 2,340 units 1,940 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 690 units from beginning inventory, 390 from the February 10 purchase, 290 from the March 13 purchase, 140 from the August 21 purchase, and 430 from the September 5 purchase
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