Montoure Company uses a perpetual inventory system It entered into the following calendar year purchases and sales transactions Date Units Sold at Retail Units Acquired at Cost 600 units $60 per unit 480 units $57 per unit 120 units $42 per unit Activities Jan 1 Beginning inventory Feb 10 Purchase Mar 13 Purchase Mar 15 Sales Aug 21 Purchase Sept 5 Purchase Sept 10 Sales Totals 785 units $80 per unit 180 units $65 per unit 470 units $63 per unit 650 units $80 per unit 1,435 units 1,850 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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase Complete this question by entering your answers in the tabs below Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO (Round your average cost per unit to 2 decimal places ) Goods Purchased of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per of units sold Date Inventory Balance Inventory of units unit Balance 600 $ 60 00 $ 36,000 00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0 00 0 00 Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per unit Cost per Date of units of units sold Cost of Goods Sold unit of units unit Inventory Balance $ 36,000 00 Jan 1 600 $ 60 00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 0 Totals $ 0 00 Weighted Average Perpetual Goods Purchased of Date units unit Jan 1 Cost per of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per of units Inventory unit Balance 600 $ 60 00 $36,000 00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ $ 0 00 Compute the cost assigned to ending inventory using specific identification For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase (Round your average cost per unit to 2 decimal places ) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per of units Cost per unit Cost of Goods Available for Sale of units Cost per sold unit Cost of Goods Sold in ending inventory unit Ending Inventory 600 $ 60 00 $ 27,000 0 $ 60 00 $ 0 Beginning inventory Purchases Feb 10 16,800 380 $ 57 00 21,660 5,700 March 13 0 0 480 $ 57 00 120 $ 42 00 180 $ 65 00 470 $ 63 00 1,850 100 $ 57 00 $ 42 00 $ 65 00 5,400 5,000 0 Aug 21 Sep 5 Total 0 0 $ 63 00 0 23,000 $ 77,200 380 $ 21,660 100 $ 5,700 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 ) FIFO LIFO Weighted Average Specific Identification Sales Less Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5 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 OLIFO O FIFO O Specific Identification Weighted Average Montoure Company uses a perpetual inventory system It entered into the following calendar year purchases and sales transactions Date Units Sold at Retail Units Acquired at Cost 600 units $60 per unit 480 units $57 per unit 120 units $42 per unit Activities Jan 1 Beginning inventory Feb 10 Purchase Mar 13 Purchase Mar 15 Sales Aug 21 Purchase Sept 5 Purchase Sept 10 Sales Totals 785 units $80 per unit 180 units $65 per unit 470 units $63 per unit 650 units $80 per unit 1,435 units 1,850 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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase Complete this question by entering your answers in the tabs below Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO (Round your average cost per unit to 2 decimal places ) Goods Purchased of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per of units sold Date Inventory Balance Inventory of units unit Balance 600 $ 60 00 $ 36,000 00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0 00 0 00 Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per unit Cost per Date of units of units sold Cost of Goods Sold unit of units unit Inventory Balance $ 36,000 00 Jan 1 600 $ 60 00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 0 Totals $ 0 00 Weighted Average Perpetual Goods Purchased of Date units unit Jan 1 Cost per of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per of units Inventory unit Balance 600 $ 60 00 $36,000 00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ $ 0 00 Compute the cost assigned to ending inventory using specific identification For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase (Round your average cost per unit to 2 decimal places ) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per of units Cost per unit Cost of Goods Available for Sale of units Cost per sold unit Cost of Goods Sold in ending inventory unit Ending Inventory 600 $ 60 00 $ 27,000 0 $ 60 00 $ 0 Beginning inventory Purchases Feb 10 16,800 380 $ 57 00 21,660 5,700 March 13 0 0 480 $ 57 00 120 $ 42 00 180 $ 65 00 470 $ 63 00 1,850 100 $ 57 00 $ 42 00 $ 65 00 5,400 5,000 0 Aug 21 Sep 5 Total 0 0 $ 63 00 0 23,000 $ 77,200 380 $ 21,660 100 $ 5,700 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 ) FIFO LIFO Weighted Average Specific Identification Sales Less Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5 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 OLIFO O FIFO O Specific Identification Weighted Average

Question

Montoure Company uses a perpetual inventory system  It entered into the following calendar year purchases and sales transactions Date Units Sold at Retail Units Acquired at Cost 600 units   $60 per unit 480 units   $57 per unit 120 units   $42 per unit Activities Jan  1 Beginning inventory Feb  10 Purchase Mar  13 Purchase Mar  15 Sales Aug  21 Purchase Sept  5 Purchase Sept  10 Sales Totals 785 units   $80 per unit 180 units   $65 per unit 470 units   $63 per unit 650 units   $80 per unit 1,435 units 1,850 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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase  Complete this question by entering your answers in the tabs below  Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO  (Round your average cost per unit to 2 decimal places ) Goods Purchased   of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per   of units sold Date Inventory Balance Inventory   of units unit Balance 600 $ 60 00   $ 36,000 00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0 00 0 00 Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per unit Cost per Date   of units   of units sold Cost of Goods Sold unit   of units unit Inventory Balance $ 36,000 00 Jan 1 600 $ 60 00   Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 0 Totals $ 0 00 Weighted Average Perpetual  Goods Purchased   of Date units unit Jan 1 Cost per   of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per   of units Inventory unit Balance 600   $ 60 00   $36,000 00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ $ 0 00 Compute the cost assigned to ending inventory using specific identification  For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase  (Round your average cost per unit to 2 decimal places ) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory   of units Cost per   of units Cost per unit Cost of Goods Available for Sale   of units Cost per sold unit Cost of Goods Sold in ending inventory unit Ending Inventory 600 $ 60 00 $ 27,000 0 $ 60 00 $ 0 Beginning inventory Purchases  Feb 10 16,800 380 $ 57 00 21,660 5,700 March 13 0 0 480 $ 57 00 120 $ 42 00 180 $ 65 00 470 $ 63 00 1,850 100 $ 57 00 $ 42 00 $ 65 00 5,400 5,000 0 Aug 21 Sep 5 Total 0 0 $ 63 00 0 23,000 $ 77,200 380 $ 21,660 100 $ 5,700 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 ) FIFO LIFO Weighted Average Specific Identification Sales Less  Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5  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  OLIFO O FIFO O Specific Identification Weighted Average Montoure Company uses a perpetual inventory system  It entered into the following calendar year purchases and sales transactions Date Units Sold at Retail Units Acquired at Cost 600 units   $60 per unit 480 units   $57 per unit 120 units   $42 per unit Activities Jan  1 Beginning inventory Feb  10 Purchase Mar  13 Purchase Mar  15 Sales Aug  21 Purchase Sept  5 Purchase Sept  10 Sales Totals 785 units   $80 per unit 180 units   $65 per unit 470 units   $63 per unit 650 units   $80 per unit 1,435 units 1,850 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 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase  Complete this question by entering your answers in the tabs below  Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO  (Round your average cost per unit to 2 decimal places ) Goods Purchased   of units unit Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per   of units sold Date Inventory Balance Inventory   of units unit Balance 600 $ 60 00   $ 36,000 00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0 00 0 00 Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per unit Cost per Date   of units   of units sold Cost of Goods Sold unit   of units unit Inventory Balance $ 36,000 00 Jan 1 600 $ 60 00   Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 0 Totals $ 0 00 Weighted Average Perpetual  Goods Purchased   of Date units unit Jan 1 Cost per   of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per   of units Inventory unit Balance 600   $ 60 00   $36,000 00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ $ 0 00 Compute the cost assigned to ending inventory using specific identification  For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase  (Round your average cost per unit to 2 decimal places ) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory   of units Cost per   of units Cost per unit Cost of Goods Available for Sale   of units Cost per sold unit Cost of Goods Sold in ending inventory unit Ending Inventory 600 $ 60 00 $ 27,000 0 $ 60 00 $ 0 Beginning inventory Purchases  Feb 10 16,800 380 $ 57 00 21,660 5,700 March 13 0 0 480 $ 57 00 120 $ 42 00 180 $ 65 00 470 $ 63 00 1,850 100 $ 57 00 $ 42 00 $ 65 00 5,400 5,000 0 Aug 21 Sep 5 Total 0 0 $ 63 00 0 23,000 $ 77,200 380 $ 21,660 100 $ 5,700 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 ) FIFO LIFO Weighted Average Specific Identification Sales Less  Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5  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  OLIFO O FIFO O Specific Identification Weighted Average

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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Units Sold at Retail Units Acquired at

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