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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Complete this question by entering your answers in
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unlt to 2 declmal places. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? FIFO LIFO Weighted Average Speclfic Identification
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