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

Jan.

1

Beginning inventory

600

units

@ $45 per unit

Feb.

10

Purchase

400

units

@ $42 per unit

Mar.

13

Purchase

200

units

@ $27 per unit

Mar.

15

Sales

800

units

@ $75 per unit

Aug.

21

Purchase

100

units

@ $50 per unit

Sept.

5

Purchase

500

units

@ $46 per unit

Sept.

10

Sales

600

units

@ $75 per unit

Totals

1,800

units

1,400

units

1. Compute cost of goods available for sale and the number of units available for sale.

2. Compute the number of units in ending inventory.

4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)

3. Compute the cost assigned to ending inventory using (a) FIFO, (6) 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, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual Perpetual Weighted Specific FIFO LIFO Average Id Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Cost of Goods Sold Purchased Inventory Balance Cost # of # of units Cost Cost Cost of Date Inventory per per # of units sold per units Goods Sold unit Balance unit unit $ Jan 1 45.00 27,000.00 Feb 10 600 @ Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals Perpetual FIFO Perpetual LIFO >