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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
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 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 805 units @ $70 per unit 740 units @ $70 per unit 1,545 units 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, (1) LIFO. () 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, 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.) Goods Purchased # of units unit Date Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Cost per Inventory Balance Cost per Inventory # of units 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 S 0.00 0.00
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