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 540 units @ $55 per unit 460 units @ $53 per unit 100 units @ $40 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 745 units @ $80 per unit 170 units @ $61 per unit 430 units@ $54 per unit 600 units @ $80 per unit 1,345 units 1,700 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, (C) weighted average, and (d) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 360 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 225 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goode sold cost per Cost of Goods Sold Date # of units sold Inventory Balance # of units of unite Cost per Inventory unit Balance 540 @ $55.00 = $ 29,700.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goode sold cost per Cost of Goods Sold Date # of units sold Inventory Balance # of units of unite Cost per Inventory unit Balance 540 @ $55.00 = $ 29,700.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 Weighted Average Perpetual: Goods Purchased # of Date Cost per units unit Jan 1 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance # of units of units Cost per Inventory unit Balance 540 @ $55.00 = $ 29,700.00 Feb 10 Average Mar 13 Mar 15 TTT Aug 21 Average Sept 5 Sept 10 Totals $ 0.00 Dorotu ICO SnoHid Specific Identification: Goods Purchased Inventory Balance Cost of Goods Sold # of units Cost per er Cost of Goods Sold sold Date # of units Cost per unit # of units 540 @ committer Inventory Balance $55.00 = $ 29,700.00 January 1 February 10 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals $ 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 L IFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 % 0 % 0 % 0 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 FIFO Weighted Average LIFO