Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transaction Date Activities Units acquired at Cost Units sold
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transaction Date Activities Units acquired at Cost Units sold at Retail January 1 Beginning inventory 660 units R$35 per unit February 10 Purchase 330 units $32 per unit March 13 Purchase 110 units @ $20 per unit March 15 Sales 760 units $75 per unit August 21 Purchase 180 units $40 per unit September 5 Purchase 570 units $36 per unit September 10 Sales 750 units + $75 per unit Totals 1.850 units 1,510 units Required: C Perpetual FIFO Perpetual LIFO Specific Id Average Compute the cost assigned to ending Inventory using specific identification (For specific identification, units sold consist of 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 13 purchase, 130 from the August 21 purchase, and 380 from the September 5 purchase.) Rate sold wit January February 10 March 13 August 21 September Tours Goods Purchased of units Cost per unit 600 at $ 3500 330 1 $32.00 110 al 520.00 180 at $40.00 570 $35.00 1 850 Specific Identification: Cost of Goods Sold of units Cost per Cost of Goods Sold 660 at $35.00 $ 23.100.00 532.00 110 $20 00 2.200.00 $40.00 - 536.00 0.00 770 $25,300.00 RRRR Inventory Balance of units Cost per Inventory Balance unit ol at $35.00 $ 0.00 at $3200 o at $20.00 - 0.00 at 54000 - $ 35.00 - 0.00 0 5 000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started