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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 660 units @ $55 per unit 330 units @ $52 per unit 110 units @ $40 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 780 units @ $75 per unit 140 units @ $60 per unit 420 units @ $56 per unit 560 units @ $75 per unit 1,340 units 1,660 units 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) FIFO LIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit 0 $ 0 $ 0 $ 0
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