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 680 units @ $40 per unit 320 units @ $35 per unit 100 units @ $23 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 720 units @ $75 per unit 130 units @ $45 per unit 490 units @ $41 per unit 640 units @ $75 per unit 1,360 units 1,720 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 $ 66,640 1,720 units 2. Compute the number of units in ending inventory. Ending inventory 360 units 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase. 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO ecuality perpetuam 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 # of units sold Date Jan 1 Inventory Balance # of units Cost per Inventory unit Balance 680 @ $ 40.00 = $ 27,200.00 @ $ 40.00 @ $ 35.00 Feb 10 320 @ $35.00 Mar 13 100 @ $23.00 @ @ @ $ 40.00 $ 35.00 $ 23.00 Mar 15 Aug 21 | 130 @ $ 45.00 @ $ 45.00 Sept 5 490 @ $ 41.00 @ @ $ 45.00 $ 41.00 Sept 10 Totals $ 0.00 $ 0.00 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 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 per # of Date unit Jan 1 # of units sold Cost of Goods Sold Cost per cost of Goods Sold unit Inventory Balance # of units Cost per Inventory unit Balance 680 @ $ 40.00 = $ 27,200.00 units Feb 10 320 @ $ 35.00 @ @ $ 40.00 $ 35.00 Average Mar 13 100 @ $ 23.00 @ $23.00 Mar 15 Aug 21 C $ 45.00 720 720 @ $75.00 = $75.00 = $ 54,000.00 $ 54,000.00 130 @ I 720 @ $ 54,000.00 Average Sept 5 I 490 @ $ 41.00 @ $ 41.00 Sept 10 Totals $ 0.00 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 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 specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification: Goods Purchased # of Cost per units unit # of units sold Cost of Goods Sold Cost per e l per Cost of Goods Sold Date Inventory Balance cost per ... # of units Counter Inventory Balance 680 @ $40.00 = $ 27,200.00 unit oous so Or Units January 1 February 10 320 @ $ 35.00 @ $ 35.00 March 13 100 @ $23.00 @ @ $ 35.00 = $23.00 = March 15 720 Aug 21 130 @ $45.00 @ $ 45.00 Sep 5 490 @ $ 41.00 $ 45.00 $ 41.00 @ Sep 10 Totals $ 0.00
