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Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Date Activities Jan.
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail 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 Units Acquired at Cost 600 units @ $40 per unit 400 units@ $37 per unit 190 units@ $15 per unit 190 units@ $45 per unit 550 units@ $43 per unit 805 units @ $70 per unit 1,930 units 740 units @ $70 per unit 1,545 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, (weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 190 from the March 13 purchase, 140 from the August 21 purchase, and 315 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 FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Date Inventory Balance Cost per Inventory # of units unit Balance 600 @ $40.00 = $ 24,000.00 Jan 1 Feb 10 Mar 13 Mar 15
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