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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 August 21 September 5 Sales Purchase Purchase September 10 Sales Book Totals Units Acquired at Cost 600 units $40 per unit 400 units @ $37 per unit 190 units $15 per unit 190 units @$45 per unit 550 units $43 per unit 1,930 units Units Sold at Retail 805 units @ $70 per unit 740 units $70 per unit 1,545 units Print P eferences 1. Compute cost of goods available for sale and the number of units available for sale Required: 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 (e) FIFO, (b) LIFO, (c) weighted average, and (c) 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, end 315 from the September 5 purchase) Complete this question by entering your answers in the tabs below. 4
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