Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

One question with three parts: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at

One question with three parts:

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 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 units 2. Compute the number of units in ending inventory. 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (c) specific identification. For specific identification, units sold consist of 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 13 purchase, 90 from the August 21 purchase, and 250 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 FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Cost per cost of Goods Sold unit # of units sold Inventory Balance # of units Cost per Inventory unit Balance Date Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost per units unit # of units sold Date Cost of Goods Sold Cost per cost of Goods Sold e Cost of Goods Sold Inventory Balance # of units Cost per Inventory # of units unit Balance 660 @ $55.00 = $ 36,300.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Mar 15 Aug 21 Sept 5 Sept 10 Totals 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.) Perpetual LIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 660 @ $ 55.00 = $ 36,300.00 Jan 1 Feb 10 Mar 13 Mar 15 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 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: Goods Purchased # of #of Date Cost per Cost per units unit Jan 1 # of units # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per Inventory unit Balance 660 @ $55.00 = $ 36,300.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 GUUUS PUrClases LUSTUI GUOUS SUIU Date # of units Cost per unit # of units sold Cost per cost of Goods Sold ost per Cost of Goods Sold livenilory Delalice # of units Cost per Cost pe Inventory unit Balance 660 @ $55.00 = $36,300.00 Jan 1 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions