Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units @ $15 per unit 805 units @ $70 per unit 190 units 550 units @ $45 per unit @ $43 per unit 740 units @ $70 per unit 1,545 units Totals 1,930 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 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, 190 from the March 13 purchase, 140 from the August 21 purchase, and 315 from the September 5 purchase.) 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: Cost of Goods Sold Cost Cost of Goods Sold per unit Goods Purchased Cost # of units per unit Date # of units sold Inventory Balance # of units Cost Inventory per unit Balance 600 at $40.00 = $ 24,000.00 January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Total September 10 Totals 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 LIFO. (Round your average cost per unit to 2 decimal places.) Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold per unit Sold Date # of units Cost Cost Inventory Balance # of units Cost Inventory per unit Balance 600 at $40.00 - $ 24,000.00 per unit January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Total September 10 Totals 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 weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Cost of Goods Sold # of units Cost Cost of Goods Sold sold per unit Date Goods Purchased # of units Cost per unit Inventory Balance # of units Cost Inventory per unit Balance 600 at $ 40.00 $ 24,000.00 January 1 February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals 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 600 units from beginning inventory, 300 from the February 10 purchase, 190 from the March 13 purchase, 140 from the August 21 purchase, and 315 from the September 5 purchase.) 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 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, and 315 from the September 5 purchase.) Specific Identification: Goods Purchased Inventory Balance Date Cost # of units # of units Inventory Balance per unit at 600 at 400 at Cost per unit $ 40.00 $37.00 $ 15,00 Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold at $40.00 = at $37.00 at $15.00 = at $45.00 = at $43.00 = at $40.00 = $37.00 = $15.00 = January 1 February 10 March 13 August 21 September 5 Totals at 190) at 1901 at at $45.00 $43.00 550 at at = 1,930 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.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? LIFO Weighted Average O FIFO Specific Identification