Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date Ativities Unito Aequired at cost Units sold at Retail Jan. 1 Beginning inventory 680 units $40 per unit Feb. 10 Purchase 320 units $37 per unit Mar. 13 Purchase 170 unita e $25 per unit Mar. 15 Sales 800 units & $65 per unit Aug. 21 Purchase 110 units $45 per unit Sept. 5 Purchase 470 units $42 per unit Sept. 10 Sales 580 units $85 per unit Totals 1,750 units 1,380 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. (6) LIFO. (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 170 from the March 13 purchase, 60 from the August 21 purchase, and 250 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 not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute cost of goods available for sale and the number of units available for sale. 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. (6) LIFO. () weighted average, and () specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 170 from the March 13 purchase, 60 from the August 21 purchase, and 250 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 not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute cost of goods available for sale and the number of units available for sale. Cost of goods avalable for sale Number of units available for sale 67.980 1,750 units Raqi Required 2 > places.) as. (Round your average cost per unit to 2 decima Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the number of units in ending inventory. Ending inventory 370 places.) Answer is not complete. 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, (D) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 170 from the March 13 purchase, 60 from the August 21 purchase, and 256 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Show less Ending Inventory FIFO $ 43,290 LIFO $ 67.980 (0) Weighted average Specific identification (b) (d) 3. Compute the cost ass specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 170 from the M 13 purchase, 60 from the August 21 purchase, and 250 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 dec places.) Answer is not complete. 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 Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
