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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
Montoure Company uses a perpetual inventory system. It entered into the following calendaryear purchases and sales transactions.
Date Activities Units Acquired at Cost Units Sold at Retail
January Beginning inventory units @ $ per unit
February Purchase units @ $ per unit
March Purchase units @ $ per unit
March Sales units @ $ per unit
August Purchase units @ $ per unit
September Purchase units @ $ per unit
September Sales units @ $ per unit
Totals units units
Required:
Compute cost of goods available for sale and the number of units available for sale.
Compute the number of units in ending inventory.
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 units from beginning inventory, from the February purchase, from the March purchase, from the August purchase, and from the September purchase.
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