Question

1 Approved Answer

Posted on Jul 31, 2024

Montoure Company uses a perpetual inventory system. It entered into the following calendar yeat purchases and sales transactions Date Activities Units loquired at cost Jan.

Montoure Company uses a perpetual inventory system. It entered into the following calendar yeat purchases and sales transactions Date Activities Units loquired at cost Jan. 1 Beginning inventory 660 units 360 per unit Units Bottes Feb. 10 Purchase 330 units $57 per unit Mar. 13 Purchase 110 units $45 per unit Mar. 15 Sales 715 units 70 per unit Aug. 21 Purchase 160 unitse 365 per unit Sept. 5 Purchase 570 units . $61 per unit Sept. 10 Sales 730 units. 570 per unit Totalo 1,830 units 1,445 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 $108,530 1.830 units 2. Compute the number of units in ending inventory 385 units Ending inventory Holo 3. Compute the cost assigned to ending Inventory using (@) FIFO. (6) LIFO. (weighted average, and a 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, 110 from the August 21 purchase, and 335 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending Inventory using weighted average. (Round your average cost per unit to 2 decimal places) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per cost of Goods Sold Contor Inventory units of units unit unit sold unt Balance Jan 1 cel 500.00 539.600.00 Feb 10 330 $ 57,00 660 @ $ 60.00 $39.600.00 3301 $57.00 - 18,810.00 990 $ 54,00 - 558.410.00 Average 990 $54.00 $53.460.00 Mar 13 110 @ $ 45.00 110 $45.00 4950.00 1.100 @ $ 52.60 $58,410.00 320) @ $ 5260) 7151 @ $ 57.60 $ 16,832.00 $ 5260) = 320 @ Mar 15 1401 @ 140 @ 460 $ 16,83200 $ 41,184.00 8,400.00 $ 25,232.00 $ 60.00= $ 54.85 $ 65.00 Aug 21 460 @ 420 @ 880 @ $ 54,85 = $56.00 = $ 55.40 = $ 25,231.00 23.520.00 $48,751,00 Average Sept 5 $56.00 4201 @ Next > 22 of 25 3. Compute the cost assigned to ending inventory using (a) FIFO, () LIFO. ( 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, 110 from the August 21 purchase, and 335 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual Fifo Perpetual LIFO Weighted Average Specific to 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, 110 from the August 21 purchase, and 335 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 of # of units Goods # of units Cost per Cost per Ending # of units Goods unit Available unit sold in ending unit Inventory Sold Inventory for Sale 660 $ 60.00 660 $ 60.00 $ 27.000 39,600 0 0 $ 60.00 $ Cost per Beginning inventory Purchases: Feb 10 March 13 230 $ 57.00 13,110 0 0 330 $ 57.00 110 $ 45.00 160 $ 65.00 570 $ 61.00 1.830 16,800 5.400 5,000 23,000 $ 77,200 100 $ 57.00 0 $ 45.00 50 $ 65.00 170! $ 61.00 320 5,700 0 3,250 10.370 $ 19,320 0 Aug 21 Sep 5 Total 890 $ 52,710 So