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Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Jan. Feb. 10 Purchase Mar. 13
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Jan. Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales 1 Beginning inventory Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals Units Sold at Retail Units Acquired at Cost 650 units @ $45 per unit 500 units @ $42 per unit 250 units @ $27 per unit 900 units @ $75 per unit 150 units @ $50 per unit 650 units @ $46 per unit 2,200 units 800 units @ $75 per unit 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 units 2. Compute the number of units in ending Inventory. Ending inventory units Complete this question by entering your answers in the tabs below. 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: Inventory Balance Cost per unit Inventory Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units 650 @ $ 45.00 = $ 29,250.00 Balance Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals < Perpetual FIFO Perpetual LIFO > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Jan 1 Feb 10 Goods Purchased Cost of Goods Sold Date # of units Cost per # of units Cost per Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit sold unit unit Balance 650 @ $ 45.00 = $29,250.00 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals < Perpetual LIFO Specific Id > Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 650 units from beginning inventory, 400 from the February 10 purchase, 250 from the March 13 purchase, 100 from the August 21 purchase, and 300 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance 650 @ $45.00 = $ 29,250.00 January 1 February 10 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals
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