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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
January 1 Beginning inventory 630 units @ $50 per unit
February 10 Purchase 370 units @ $46 per unit
March 13 Purchase 100 units @ $34 per unit
March 15 Sales 740 units @ $75 per unit
August 21 Purchase 160 units @ $55 per unit
September 5 Purchase 520 units @ $51 per unit
September 10 Sales 680 units @ $75 per unit
Totals 1,780 units 1,420 units

Required:

C1. ompute cost of goods available for sale and the number of units available for sale.

2. Compute the number of units in ending inventory.

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.)

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