Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer the following and organize answers in charts Montoure Company uses a perpetual inventory system. it entered into the following calendar-year purchases and sales

please answer the following and organize answers in charts
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Montoure Company uses a perpetual inventory system. it entered into the following calendar-year purchases and sales transactions. required: 1. Compute cost of goods available for sale and the number of units avaliable for sale. 2. Compute the number of units in ending inventory. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (b) FIFO, (b) LFO, (c) weighted average, and () specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February fo purchase, 150 from the Morch 13 purchase. 150 from the August 21 purchose, and 385 from the 5 eptember 5 purchase) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Note flound your average cost per unit to 2 decmal olaces Compute the cost assigned to ending inventory using FIFO. Notet Round your aversge cost per unit to 2 decimal places. Compute the cost assigned to ending ifventory using LFO Notet Round your average cost per unit to 2 decirnal places. Compute the cost assigned to ending inventory using weighted average. Note! Round your average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using weighted average, Note; Round vour average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using specific ioentification. (For specific lidentiticabon, units sold consist of 600 units from beginning inventory, 260 frem the Februsry 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 365 from the September 5 parchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. 5. The companys manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Weighted Average FiFO LIFO Specificidentification Montoure Company uses a perpetual inventory system. it entered into the following calendar-year purchases and sales transactions. required: 1. Compute cost of goods available for sale and the number of units avaliable for sale. 2. Compute the number of units in ending inventory. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (b) FIFO, (b) LFO, (c) weighted average, and () specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February fo purchase, 150 from the Morch 13 purchase. 150 from the August 21 purchose, and 385 from the 5 eptember 5 purchase) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Note flound your average cost per unit to 2 decmal olaces Compute the cost assigned to ending inventory using FIFO. Notet Round your aversge cost per unit to 2 decimal places. Compute the cost assigned to ending ifventory using LFO Notet Round your average cost per unit to 2 decirnal places. Compute the cost assigned to ending inventory using weighted average. Note! Round your average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using weighted average, Note; Round vour average cost per unit to 2 decimal places. Compute the cost assigned to ending inventory using specific ioentification. (For specific lidentiticabon, units sold consist of 600 units from beginning inventory, 260 frem the Februsry 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 365 from the September 5 parchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. 5. The companys manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Weighted Average FiFO LIFO Specificidentification

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions