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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 March 13 Purchase Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales, Totals Required: Unite Acquired at Cost Units Sold at Retail 580 units $40 per unit 420 unite $30 per unit 180 units $25 per unit 190 units $45 per unit 560 units $41 per unit 1,930 units 755 units $70 per unit 750 units $70 per unit 1,505 units 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 3. 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 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.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.)
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