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 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

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 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.)

• 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

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

Jan 1

580

@

$40.00

=

$23,200.00

Feb 10

$42.00

580

Mar 13

Mar 15

Aug 21

Sept 5

Sept 10

Totals

$0.00

$0.00