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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Beginning

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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Beginning Jan. 1 inventory Feb. 10 Purchase Units Acquired at Cost 660 units @ $55 per unit 330 units @ $52 per unit 110 units @ $40 per unit Mar. 13 Purchase Mar. 15 Sales 780 units @ $75 per unit Aug. 21 Purchase 140 units @ $60 per unit 420 units @ $56 per unit Sept. 5 Purchase Sept. 10 Sales 560 units @ $75 per unit Totals 1,660 units 1,340 units 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 $ 89,780 1,660 units 2. Compute the number of units in ending inventory. Ending inventory units 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 660 units from beginning inventory. 230 from the February 10 purchase, 110 from the March 13 purchase, 90 from the August 21 purchase, and 250 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 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 + 0 $ 0 $ 0 0

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