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

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 600 units @ $40 per unit February 10 Purchase 400 units @ $37 per unit March 13 Purchase 190 units @ $15 per unit March 15 Sales 805 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 550 units @ $43 per unit September 10 Sales 740 units @ $70 per unit Totals 1,930 units 1,545 units Required: Compute cost of goods available for sale and the number of units available for sale.

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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, 300 from the February 10 purchase, 190 from the March 13 purchase, 140 from the August 21 purchase, and 315 from the September 5 purchase.)

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