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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2016 purchases and sales transactions. units Acquired at Cost units Sold at
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2016 purchases and sales transactions. units Acquired at Cost units Sold at Retail Date Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 700 units$50.00 per unit 300 unitsS46.00 per unit 00 units S40.00 per unit 780 units$70.00 per unit 110 units S55.00 per unit 570 units S52.00 per unit 680 units$70.00 per unit 1,460 units Totals 1,780 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. 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 700 units from beginning inventory, 200 from the February 10 purchase, 100 from the March 13 purchase, 60 from the August 21 purchase, and 400 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification
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