Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units sold at Retail Units Acquired at Cost 570 units @ $50 per unit 380 units @ $47 per unit 190 units @ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 700 units @ $75 per unit 200 units @ $55 per unit 590 units @ $53 per unit 790 units @ $75 per unit 1,490 units 1,930 units Required: 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. 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 570 units from beginning inventory, 280 from the February 10 purchase, 190 from the March 13 purchase, 150 from the August 21 purchase, and 300 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 570 units from beginning inventory, 280 from the February 10 purchase, 190 from the March 13 purchase, 150 from the August 21 purchase, and 300 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Show less (a) (b) (c) $ $ FIFO LIFO Weighted average Specific identification Ending Inventory 23,320 22,000 21,718 X 22,820 $ Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 570 units @ $50 per unit 380 units @ $47 per unit 190 units @ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 700 units @ $75 per unit 200 units @ $55 per unit 590 units @ $53 per unit 790 units @ $75 per unit 1,490 units Totals 1,930 units Required: 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. 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 570 units from beginning inventory, 280 from the February 10 purchase, 190 from the March 13 purchase, 150 from the August 21 purchase, and 300 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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 $ Sales Less: Cost of goods sold Gross profit 111,750 (23,320) X 88,430 $ 111,750 (22,000) X $ 89,750 Weighted Specific Average Identification $ 111,750 $ 111,750 (21,718) XL (22,820) X $ 90,032 $ 88,930 $
