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

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

660

units

@ $35 per unit

Feb.

10

Purchase

330

units

@ $32 per unit

Mar.

13

Purchase

110

units

@ $20 per unit

Mar.

15

Sales

760

units

@ $75 per unit

Aug.

21

Purchase

180

units

@ $40 per unit

Sept.

5

Purchase

570

units

@ $36 per unit

Sept.

10

Sales

750

units

@ $75 per unit

Totals

1,850

units

1,510

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, (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, 130 from the August 21 purchase, and 380 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)

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 units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

Jan 1

660

@

$35.00

=

$23,100.00

Feb 10

Mar 13

Mar 15

Aug 21

Sept 5

Sept 10

Totals

$0.00

$0.00

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

This is repeated for Perpetual LIFO, Weighted Average, and Specific ID as well.