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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions nits Acquired at CostUnits Sold at Retail 600
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions nits Acquired at CostUnits Sold at Retail 600 units $60 per unit 480 units $57 per unit 120 units e $42 per unit Activities Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 785 units $80 per unit 180 units@$65 per unit 470 units e $63 per unit 650 units e s80 per unit 1,435 units Totals 1,850 units Required: 1. Compute cost of goods avallable for sale and the number of units avallable for sale 2. Compute the number of units in ending inventory 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, ( weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning Inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unlt to 2 declmal places.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unlt to 2 decimal places.)
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