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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 630 units @ $50 per unit 370 units @ $46 per unit 100 units @ $34 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 740 units @ $75 per unit 160 units @ $55 per unit 520 units @ $51 per unit 680 units @ $75 per unit 1,420 units 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. Ending inventory units 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per costofc s per Cost of Goods Sold Date # of units sold Inventory Balance # of units cost Cost per Inventory 630 @ $50.00 = $ 31,500.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 $ 0.00
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