Problem $5-4$AA $($Algo$)$ Perpetual: Alternative cost flows LO P$3$

Montoure 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 $630$ units @ $$50$ per unit

February $10$ Purchase $370$ units @ $$46$ per unit

March $13$ Purchase $100$ units @ $$34$ per unit

March $15$ Sales $740$ units @ $$75$ per unit

August $21$ Purchase $160$ units @ $$55$ per unit

September $5$ Purchase $520$ units @ $$51$ per unit

September $10$ Sales $680$ units @ $$75$ per unit

Totals $1,780$ units $1,420$ units

Required: Problem $5-4$AA $($Algo$)$ Perpetual: Alternative cost flows LO P$3$

Montoure Company uses a perpetual inventory system. It entered into the following calendar$-$year purchases and sales transactions.

Required:

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 Compute the number of units in ending inventory.

Ending inventory

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 $630$ units from beginning inventory, $270$ from the February $10$ purchase, $100$ from the

March $13$ purchase, $110$ from the August $21$ purchase, and $310$ from the September $5$ purchase.$)$

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

Compute the cost assigned to ending inventory using FIFO. $($Round your average cost per unit to $2$ decimal places.$)$ Compute the cost assigned to ending inventory using FIFO. $($Round your average cost per unit to $2$ decimal places.$)$ Perpetual FFO

Perpetual LIFO$\backslash$table$[[$Perpetual LIFO:$],[$Date$,$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Number of$],[$units sold$]],\backslash$table$[[$Cost per$],[$unit$]],$Cost of Goods Sold,$\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]],[$$$50\mathrm{.}00]]]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1,,,630,$at$,=,$$$31,500\mathrm{.}00],[$February $10],[,,,,,,,,,,],[$Total February $10],[,,,,,,,,,,],[$March $13],[$Total March $13],[],[,,,,,,,,,,],[$March $15],[,,,,,,,,,,],[$Total March $15],[,,,,,,,,,,],[$August $21],[,,,,,,,,,,],[,,,,,,,,,,],[$Total August $21,,,,,,,,,,]]$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.

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?

Specific Identification

FIFO

LIFO

Weighted Average PLEASE COMPLETE THE OTHER SECTIONS SUCH AS Weighted average & Specific Id