Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 660 units @ $60 per unit 330 units @ $57 per unit 110 units @ $45 per unit Date Activities Jan 1 Beginning inventory Feb. 10 Purchase Mar 13 Purchase Mar. 15 Sales Aug 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 715 units @ $70 per unit 160 units @ $65 per unit 570 units @ $61 per unit 730 units @ $70 per unit 1,445 units 1,830 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 units 2. Compute the number of units in ending inventory. Ending inventory units 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 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 FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold Cost per Cost of Goods Sold unit Date # of units sold Inventory Balance Cost per Inventory # of units unit Balance 660 @ $ 60.00 = $ 39,600.00 Jan 1 Feb 10 Mar 13 Mar 15 Jan 1 660 a $ 60.00 $ 39,600.00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals Compute the cost assigned to ending Inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost per # of units # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 660 @ $ 60.00 $ 39,600.00 unit Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Mar 15 Aug 21 Sept 5 Sept 10 Totals 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 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? Specific Identification LIFO FIFO Weighted Average 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 #of Cost per unit Jan 1 Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold Date Inventory Balance # of units Cost per Inventory unit Balance 660 @ $ 60.00 = $ 39,600.00 units Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id 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.) Cost of Goods Available for Sale Cost of Goods Sold Specific Identification Ending Inventory Cost per Cost per # of units # of units sold Cost per unit Cost of Goods Sold Ending Inventory Cost of Goods unit Available for Sale $ 60.00 $ 27,000 # of units in ending inventory unit $ 60.00 660 230 $ 57.00 13.110 100 5,700 Beginning inventory Purchases Feb 10 March 13 Aug 21 Sep 5 Total 330 $ 57,00 110 $ 45.00 160 $ 65.00 570 $ 61.00 1.830 16,800 5,400 5,000 23,000 $ 77,200 $ 57.00 $ 45.00 $ 65,00 $ 61.00