Problem 5-3A (Algo) 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 620 units @ $45 per unit 380 units @ $42 per unit 100 units @ $30 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 735 units @ $70 per unit 170 units 400 units @ $50 per unit @ $46 per unit 570 units @ $70 per unit 1,305 units 1,670 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 3. 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 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 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.) Goods Purchased Perpetual FIFO: Cost of Goods Sold # of units Cost per cost of Goods Sold sold unit Date Cost per Cost per # of units Inventory Balance # of units Inventory unit Balance 620 at $ 45.00 = $ 27,900.00 unit January 1 February 10 Total February 10 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 O Weighted Average O LIFO O Specific Identification