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

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

680

units

@ $40 per unit

Feb.

10

Purchase

320

units

@ $37 per unit

Mar.

13

Purchase

170

units

@ $25 per unit

Mar.

15

Sales

800

units

@ $85 per unit

Aug.

21

Purchase

110

units

@ $45 per unit

Sept.

5

Purchase

470

units

@ $42 per unit

Sept.

10

Sales

580

units

@ $85 per unit

Totals

1,750

units

1,380

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, 170 from the March 13 purchase, 60 from the August 21 purchase, and 250 from the September 5 purchase.

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.)