Montoure Company uses a perpetual irwentory system. It entered into the following calendaryear purchases and sales transactions.

Date

Date January February

February $10$

March $13$ March $15$

March $15$

August $21$

Septenber $10$

Activities

Beginning inventory

Purchase

Purchas Sales

Sales Purchase

Purchase

Sales

Totals

Totals

Required:

Compute cost of goods available for sale and the number of units available for sale.

Compute the number of units in ending inventory.

Compute the cost assigned to ending inventory using

$($a$)$ FIFO,

$($a$)$ LIFO,

$($c$)$ weighted awerage, and

$($a$)$ specific identification.

$($For specific identification units sold consist of $560$ units from beginning inventory, $340$ from the February $10$ purchase, $140$ from

Complete this question by entering your answers in the tabs below.

Perpetual FIFo Perpetual LFO

Compute the cost assigned to ending inventory using FIFO.

Note: Pound your awerage cost per unik to $2$ decimal places.

Compute gross profit earned by the company for each of the four costing methods.

Note: Round your aversee cost per unlt to $2$ declmal places.

The company's manager earns a bonus based on a percent of gross profit. Which method of inventary costing produces the

highest bonus for the manager?

Weighted Average

UFo

Specific IdentificationMontoure 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 $560$ units @ $$55$ per unit

February $10$ Purchase $440$ units @ $$52$ per unit

March $13$ Purchase $140$ units @ $$40$ per unit

March $15$ Sales $710$ units @ $$85$ per unit

August $21$ Purchase $180$ units @ $$60$ per unit

September $5$ Purchase $540$ units @ $$57$ per unit

September $10$ Sales $720$ units @ $$85$ per unit

Totals $1,860$ units $1,430$ units