Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept. 10 Sales 640 units @ $85 per unit Totals 1,600 units 1,290 units s 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 (6) LIFO, (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase. Complete this question by entering your answers in the tabs below. noes Weighted Perpetual Fifo Perpetual LIFO 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 # of Cost per # of units Date Cost per Cost per Inventory units # of units Cost of Goods Sold unit unit unit Balance Jan 1 540 $ 40.00 - $ 21,600.00 sold Feb 10 Mar 13 Mar 15 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO > Velaye Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per sold Cost of Goods Sold unit Date Inventory Balance Cost per # of units Inventory unit Balance 540 @ $ 40.00 - $ 21,600.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 + Mar 15 Aug 21 Sept 5 Sept 10 0 Totals $ 0.00 Perpetual FIFO Weighted Average > Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal p! Weighted Average Perpetual: Goods Purchased Date # of units unit Jan 1 Cost per Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Inventory Balance Cost per # of units Inventory unit Balance 540 @ $ 40.00 = $21.600.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 540 units from beginnin inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 540 $40.00 $ 27.000 # of units Cost per sold Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory 0 $ 40.00 $ 0 Beginning inventory Purchases Feb 10 March 13 16,800 220 S 36.00 7,920 5.400 3,600 0 0 0 0 320 $ 36.00 100 $ 2400 120 $ 45.00 520 $ 41.00 1,500 100 $ 36.00 $ 2400 $ 4500 $ 4100 100 Aug 21 0 0 Sep 5 Total 5,000 23,000 $ 77,200 220 $ 7,920 $ 3,600
