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Problem 6-3A Perpetual: Alternative cost flows LO P1 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 600 units @ $60 per unit 400 units @ $57 per unit 150 units @ $45 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 750 units @ $85 per unit 150 units @ $65 per unit 450 units @ $61 per unit 600 units @ $85 per unit 1,350 units 1,750 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. Ending inventory units Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold Cost Cost of Goods Sold per unit # of units sold Date Inventory Balance Cost # of units Inventory per unit Balance 800 $ 60.00 = $ 38,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 0.00 0.00 Perpetual FIFO Perpetual LIFO > 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 units per unit Date # of units sold Cost Cost of Goods Sold per unit # of units Inventory Balance Cost Inventory per unit Balance $ 60.00 = $ 36,000.00 Jan 1 800 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals $ 0.00 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.) ed Weighted Average Perpetual: Goods Purchased # of Cost Date units Jan 1 # of units sold Cost of Goods Sold Cost Cost of Goods Sold per unit Inventory Balance Cost # of units Inventory per unit Balance 600 @ $ 60.00 = $36,000.00 per unit Feb 10 Average : Mar 13 Mar 15 Aug 21 Average Sept5 Sept 10 Totals $ 0.00 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.) Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost # of units Cost Cost units Cost of Goods Sold sold per unit Inventory # of units per unit per unit Balance January 1 600 @ $ 60.00 = $ 38,000.00 February 10 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals $ 0.00 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 $ $ 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 OLIFO Specific Identification OLIFO