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 788 units @ $50 per unit 350 units @ $44 per unit 158 units @ $32 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 19 Sales Totals 7e5 units@ $80 per unit 190 units @ $55 per unit 540 units @ $51 per unit 738 units@ $80 per unit 1,930 units 1,435 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 2. Compute the number of units in ending inventory. E ventory Perpetual FIFO: Goods Purchased of Cost per units unit Cost of Goods Sold of units Cost per cost of Goods Sold sold unit Date Inventory Balance of units Cost per Inventory unit Balance 700 @ $50.00 $ 35,000.00 Jan 1 Feb 10 Mar 15 Aug 21 Sept 5 Sept 10 Perpetual LIFO: Inventory Balance Goods Purchased Cost per units unit Cost of Goods Sold #of units Cost per Cost of Goods Sold sold Date c.. anh of units 700 @ Cost per unit $50.00 = Inventory Balance $ 35,000.00 Jan 1 Feb 10 Mart Sept 5 Sept 10 Perpetual FIFO Perpetual LIFO sul Weighted Average Specific Id Compute the cost assigned to ending Inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased #of Cost per Date units unit Jan 1 of units sold Cost of Goods Sold Cost per cost of Goods Sold unit Cost of Goods Sold Inventory Balance of units Cost per Inventory of units unit Balance 700 @ $50.00 $ 35,000.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 0.00 Specific Identification: Goods Purchased Cost per Date units unit Cost of Goods Sold cost per Cost of Goods Sold Cost per Cost of Goods Sold of of units s old Inventory Balance of units Cost per Inventory of units un Balance 700 @ $50.00 $ 35,000.00 January 1 February 10 March 13 March 15 Aug 21 Sep 1 E 0 0 4. Compute gross profit earned by the places.) for each of the four costing methods. (Round your average cost per unit to 2 decimal 0 FIFO Weighted Average Specific Identification . Sales Less: Cost of goods sold Gross profit $ lol lul 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? Specific Identification Weighted Average LIFO FIFO