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