Question
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
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 | 600 | units | @ $40 per unit | |||||||
Feb. | 10 | Purchase | 360 | units | @ $37 per unit | |||||||
Mar. | 13 | Purchase | 150 | units | @ $25 per unit | |||||||
Mar. | 15 | Sales | 765 | units | @ $80 per unit | |||||||
Aug. | 21 | Purchase | 200 | units | @ $45 per unit | |||||||
Sept. | 5 | Purchase | 580 | units | @ $42 per unit | |||||||
Sept. | 10 | Sales | 780 | units | @ $80 per unit | |||||||
Totals | 1,890 | units | 1,545 | units |
Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)
Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)
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