Montoure Company uses a perpetual inventory system. It entered into the following calendar$-$year purchases and sales transactions.

$1.$ 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 $560$ units from beginning inventory, $340$ from the February $10$ purchase, $140$ from the March $13$ purchase, $130$ from the August $21$ purchase, and $260$ from the September $5$ purchase.$)$

$($with date, goods purchased: # of units, cost per unit, cost of goods sold: # of units sold, cost per unit, cost of goods sold, inventory balance: # of uni

$4.$ Compute gross profit earned by the company for each of the four costing methods.

$5.$ 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?

multiple choice

Specific Identification

Weighted Average

FIFO

LIFO