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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Acquired at Cost 540 units$55 per
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Acquired at Cost 540 units$55 per unit 460 units $53 per unit 100 units $40 per unit Units Sold at Retail Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 745 units $80 per unit 170 units $61 per unit 430 units $54 per unit 600 units $80 per unit 1,345 units Totals 1,700 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 $ 91,670 1,700 units 2. Compute the number of units in ending inventory Ending invent 355 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 360 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 225 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: oods Purchased #of units ost of old Inven Balance Cost per | Costper Cost of Goods Sold | # of units Cost per unit Inventory Balance Date # of units unit sold unit Jan 1 540$55.00$29,700.00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0.00 0.00 Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual Goods Purchased ost of Goods Sold Inventory Balanc #of units Cost per unit | # of units sold cost per Cost of Goods Sold | Cost per unit Inventory Balance Date # of units unit an 540$55.00$29,700.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals 0.00
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