Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions.

Date			Activities	Units Acquired at Cost						Units Sold at Retail
Jan.	1		Beginning inventory	580	units	@	$	40	per unit
Feb.	10		Purchase	420	units	@	$	38	per unit
Mar.	13		Purchase	180	units	@	$	25	per unit
Mar.	15		Sales								755	units	@	$	70	per unit
Aug.	21		Purchase	190	units	@	$	45	per unit
Sept.	5		Purchase	560	units	@	$	41	per unit
Sept.	10		Sales								750	units	@	$	70	per unit
			Totals	1,930	units						1,505	units

1. 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 580 units from beginning inventory, 320 from the February 10 purchase, 180 from the March 13 purchase, 140 from the August 21 purchase, and 285 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)

2.

Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)

Montoure Company uses a periodic inventory system. It entered into the following calendar-year 2015 purchases and sales transactions.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

770

units

@ $75.00 per unit

Feb.

10

Purchase

485

units

@ $72.00 per unit

Mar.

13

Purchase

285

units

@ $57.00 per unit

Mar.

15

Sales

885

units

@ $105.00 per unit

Aug.

21

Purchase

270

units

@ $80.00 per unit

Sept.

5

Purchase

670

units

@ $76.00 per unit

Sept.

10

Sales

1,020

units

@ $105.00 per unit

Totals

2,480

units

1,905

units

Required:
1.	Compute cost of goods available for sale and the number of units available for sale.

2.	Compute the number of units in ending inventory.

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 770 units from beginning inventory, 215 from the February 10 purchase, 285 from the March 13 purchase, 135 from the August 21 purchase, and 500 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)

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.)