Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail 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 Units Acquired at Cost 660 units @ $35 per unit 330 unitse $32 per unit 110 units e $20 per unit 180 units e $40 per unit 570 units e $36 per unit 760 units @ $75 per unit 1,850 units 750 units $75 per unit 1,510 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 unts 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (C) weighted average, and (c) 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. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date # of # of units Cost per Cost per units unit Inventory sold Cost of Goods Sold #of units unit unit Balance Jan 1 660 $ 35.00 - $ 23,100.00 Feb 10 Cost per Mar 13 Mar 15 Aug 21 Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per Cost per # of units Cost per Date # of units sold Inventory Balance Inventory # of units unit Balance 660 @ $ 35.00 - $ 23,100.00 Cost of Goods Sold unit unit Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal place Weighted Average Perpetual: Goods Purchased Date # of units unit Jan 1 Cost of Goods Sold Cost per Cost of Goods Sold Cost per # of units sold Inventory Balance Cost per Inventory # of units unit Balance 660 @ $35.00 = $ 23,100.00 unit Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals $ 0.00 S0005 01 help Save Check my Perpetual FIFO Perpetual LIFO Weighted Average Specific id # of units Cost per 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. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per of units Goods of units Cost per Cost of Ending unit Available sold unit Goods in ending unit Sold Inventory Inventory for Sale Beginning inventory 660 $ 35.00 $ 27,000 0 $ 35.00 $ 0 Purchases Feb 10 330 $ 32.00 16.000 230 S 32.00 7.360 100 $ 32.00 3.200 March 13 110 $ 20.00 5,400 $ 20.00 0 Aug 21 180 $ 40.00 5,000 0 $ 40.00 0 Sep 5 570 $36.00 23,000 $ 38,00 0 Total 1.850 $ 77,200 230 $ 7300 100 $ 3,200 0 0
