Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Acquired at Cost 580 units @ $40 per unit 420 units @ $38 per unit 180 units @ $25 per unit 190 units @ $45 per unit 560 units @ $41 per unit 755 units @ $70 per unit 750 units @ $70 per unit 1,505 units 1,930 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 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.) Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 580 @ $ 40.00 $ 23,200.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Inventory Balance Cost of Goods Sold Date # of units Cost per # of units sold Cost per cost of Goods Sold Cost per unit # of units unit Inventory Balance $ 23,200.00 Jan 1 unit $ 40.00 = 580 @ Feb 10 Mar 13 Mar 15 Aug 21 Perpetual FIFO Perpetual LIFO Weighted Average Specific to 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 Cost of Goods Sold Inventory Balance # of # of units Date Inventory unit units sold Cost of Goods Sold unit # of units Balance Jan 1 580 @ $ 40.00 - $ 23,200.00 Cost per Cost per Cost per unit Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Perpetual FIFO Perpetual LIFO Weighted Average Specificid Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 580 units from beginning Inventory, 320 from the February 10 purchase, 180 from the March 13 purchase, 140 from the August 21 purchase, and 285 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 Cost of Goods unit Available for Sale $ 40.00 $ 27,000 of units Cost per sold unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory 580 0 $ 40.00 $ 0 Beginning inventory Purchases: Feb 10 March 13 Aug 21 320 S 38.00 3.800 12,160 0 0 420 $ 38.00 180 $ 25.00 190 $ 45.00 560 $ 41.00 1.930 16,800 5.400 5,000 23,000 $ 77,200 0 100 $ 38.00 $ 25,00 $ 45.00 $ 41.00 100 O Sep 5 0 Total 320 $ 12,160 $ 3,800
