Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.
1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 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 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. 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 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Combute the cost assianed to endina inventorv usina LIFO. 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 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per unit to 2 decimal places. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. 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 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase.) 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 620 units fro from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 pu 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. 5. 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 Weighted Average LIFO Specific Identification
