Nee Help with Perpetual LIFO, FIFO, WEIGHTED AVERAGE, SPECIFIC ID, and questions #4&5

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 680 units @ $40 per unit 320 units @ $35 per unit 100 units @ $23 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 720 units @ $75 per unit 130 units 490 units @ $45 per unit @ $41 per unit 620 units @ $75 per unit 1,340 units 1,720 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 66,640 1,720 units 2. Compute the number of units in ending inventory. Ending inventory 380 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 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. (For specific identification, units sold consist of 680 units from beginning inventa from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase.) Goods Purchased Date Cost per # of units January 1 February 10 March 13 August 21 September 5 Totals 680 at 320 at 100 at 130 at unit $ 40.00 $ 35.00 $ 23.00 $ 45.00 $ 41.00 Specific Identification: Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit 680 at $ 40.00 = $ 27,200.00 320 at $35.00 11,200.00 100 at $ 23.00 2,300.00 130 at $ 45.00 5,850.00 490) at $ 41.00 20,090.00 1,720 $ 66,640.00 "" Inventory Balance Cost per # of units unit Inventory Balance 680) at $ 40.00 = $ 27,200.00 100 at $ 35.00 = 3,500.00 0 at $ 23.00 = 0.00 500 at $ 45.00 = 2,250.00 430 at $ 41.00 = 17,630.00 1.260 $ 50,580.00 = 490 at = 1,720 Perpetual FIFO Perpetual LIFO 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: Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit Goods Purchased Cost per # of units unit Date Inventory_Balance Cost per Inventory # of units unit Balance 680 at $ 40.00 $ 27,200.00 January 1 3200 at $ 35.00 February 10 680) at 320 at $ 40.00 = $ 35.00 = $ 38.40 $ 27,200.00 11,200.00 $ 38,400.00 Average February 10 1,000 at 100 at $23.00 March 13 680 at 100 at 780 at $38.40 = $23.00 = $ 28.41 $ 26, 112.00 2,300.00 $ 28,412.00 Average March 13 = March 15 720 at $ 75.00 = $ 54,000.00 320 at $ 75.00) = $ 24,000.00 130 at $ 45.00 320 at August 21 130 at 450 at $75.00 = $ 45.00] = $ 66.33 = $ 24,000.00 5,850.00 $ 29,850.00 Average August 21 Date Goods Purchased Cost per # of units unit # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 680 at $ 40.00 = $ 27,200.00 January 1 320 at $ 35.00 February 10 680 at 320 at 1,000 at $ 40.00 = $ 35.00 = $ 38.40 - $ 27,200.00 11,200.00 $ 38,400.00 Average February 10 100 at $23.00 March 13 680 at 100 at 780 at $ 38,40 = $23.00 = $ 28.41 $ 26, 112.00 2,300.00 $ 28,412.00 Average March 13 = March 15 720) at $ 75.00 = $ 54,000.00 320 at $75.00] = $ 24,000.00 130 at $ 45.00 August 21 320 at 1301 at 450 at $75.00 = $ 45.00] = $ 66.33) = $ 24,000.00 5.850.00 $ 29,850.00 Average August 21 490 at $ 41.00 450 at September 5 490 at $ 66.33 = $ 41.00 = $53.12 $ 29,848,50 20,090.00 $ 49,938.50 Average September 5 940 at = 620 at $ 53.12 = 490 at $ 41.00] = $ 20,090.00 September 10 Totals $ 32,934.40 $ 86,934.40 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Date Cost per Inventory Balance # of units Inventory unit Balance 680 at $ 40.00 = $ 27,200.00 # of units Cost per unit January 1 0 $ 35.00 February 10 6801 320 Total February 10 100 at $23.00 March 13 680 320 at 100 at $ 35.00 = $23.00 = 11,200.00 2,300.00 $ 13,500.00 Total March 13 100 0 March 15 = 0 at 0.00 320 at 100 at $ 35.00 $ 23.00 11,200.00 2,300.00 $ 13,500.00 $ 35.00 = $ 23.00 = 320 at 7,360.00 Total March 15 Total March 15 $ 13,500.00 130 at $ 45.00 0 August 21 0 at 0 at 130 at $ 35.00 = $23.00 = $ 45.00 = 0.00 0.00 5,850.00 $ 5,850.00 Total August 21 490 at $ 41.00 at September 5 320 at 130 at 490) at $ 35.00 $ 23.00 $ 45.00 = $ 41.00 = 0.00 7,360.00 5,850.00 20.090.00 $ 33,300.00 Total September 5 September 10 0 at 0 at 130 at $ 35.00 $ 23.00 $ 45.00 $ 41.00 0 at 0 at 0 at 0.00 0.00 5,850.00 20,090.00 25,940.00 $ 39,440.00 $ 35.00 = $ 23.00 = $ 45.00 = $ 41.00 = 0.00 0.00 0.00 20,090.00 490 at = 490 at Total September 10 Totals $ 20,090.00 Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold # of units Cost per # of units Cost per Cost of Goods Sold unit sold unit Date January 1 320 at $ 35.000 February 10 Total February 10 100 at $ 23.00 Inventory Balance Cost per # of units Inventory unit Balance 680 at $40.00 = $ 27,200.00 680 at $ 40.00 = $ 27,200.00 320 at $ 35.00 = 11,200.00 $ 38,400.00 680 at $ 40.00 = $ 27,200.00 320 at $ 35.00 = 11,200.00 100 at $23.00 = 2,300.00 $ 40,700.00 0 at $ 40.00 = 100 at $ 35.00 = 3,500.00 100 at $ 23.00 = 2,300.00 $ 5,800.00 March 13 Total March 13 at = = March 15 320 100 $ 40.00 $ 35.00 $23.00 at at 0.00 11,200.00 2,300.00 $ 13,500.00 Total March 15 130 at $ 45.00 0 at $ $ $ 40.00 = $ 35.00 = $23.00 = 320 at 100 at 0.00 11,200.00 2,300.00 August 21 130 at $ 45.00 August 21 0 at 320 at 100 at 130 at $ 40.00 $ 35.00 = $ 23.00 = $ 45.00 = $ 0.00 11,200.00 2,300.00 5,850.00 $ 19,350.00 Total August 21 490 at $ 41.00 September 5 0 at 680 at 100 at 130 at 490 at $ 40.00 = $ 35.00 = $23.00 = $ 45.00 = $ 41.00 = $ 0.00 23,800.00 2,300.00 5,850.00 20.090.00 $ 52,040.00 Total September 5 = 0 at 0 at 0 at 320 at 100 at 130 September 10 $ 40.00 $ 35.00 $ 23.00 $ 45.00 $ 41.00 = 0 at $ 40.00 = $ 35.00 = $ 23.00 = $ 45.00 = $ 41.00 = at $ 11,200.00 2,300.00 5,850.00 20,090.00 $ 39,440.00 $ 52,940.00 = 0 at 490 at $ 0.00 0.00 0.00 0.00 20.090.00 $ 20,090.00 $ 20,090.00 490 at Total September 10 Totals 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 Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 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? O FIFO O Specific Identification O LIFO OLIFO