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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. (For Specific identification, units sold consist of
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. (For Specific identification, units sold consist of 600 units fromthe beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase) Date an. 1 Feb. 10 Mar. 13 Purchase Mar. 15 Sales red at Cost Units sold at Retail Units 600 units $45.00 per unit 400 units $42.00 per unit 200 units $27.00 per unit Actrvities Invent Purchase 800 units $75.00 per unit 21 Purchase 100 units $50.00 per unit 500 units46.00 per unit Purchase o Sales 600 units $7500 per unit Total Units Units Required: a Compute the cost of goods available for sale and the number of units available for sale using FIFO b. Compute the number of units in ending inventory using FIFO c. Compute the cost assigned to ending inventory using IFO d. Compute the gross profit earned by the company using FIFO
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