Problem 5-3A (Algo) Periodic: Alternative cost flows LO P1 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Units Acquired at Cost Units sold at Retail Date January 1 February 10 Beginning inventory Purchase March 13 March 15 August 21 Purchase Sales Purchase Purchase September 5 September 10 Sales Totals 665 units $45.00 per unit 530 units $42.00 per unit 265 units $27.00 per unit 1,060 units @$75.00 per unit 165 units 565 units $50.00 per unit $46.00 per unit 2,190 units 730 units 1,790 units @$75.00 per unit 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 eferences 2. Compute the number of units in ending inventory Ending inventy 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold consist of 665 units from beginning inventory, 365 from the February 10 purchase, 265 from the March 13 purchase, 115 from the August 21 purchase, and 380 from the September 5 purchase Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. (4) FIFO (b) LIFO (c) Weighted average (d) Specific identification Ending Inventory 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. Round your final answers to the nearest whole dollar amount. Sales Less Cost of goods sold Gross profit Weighted FIFO LIFO Specific Average Identification $ 0 $ 0 $