Problem 5-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 600 units @ $45 per unit Feb. 10 Purchase 400 units @ $42 per unit Mar. 13 Purchase 200 units & $27 per unit Mar. 15 Sales 800 units @ $75 per unit Aug. 21 Purchase 100 units $50 per unit Sept. 5 Purchase 500 units $46 per unit Sept. 10 Sales 600 units @ $75 per unit Totals 1,800 units 1,400 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 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 LIFO. (Round your average cost per unit to 2 decimal places.). Perpetual LIFO: Cost of Goods Sold Goods Purchased # of Cost units per unit # of units sold Cost Date Cost of Goods Sold Inventory Balance Cost Inventory #of units per unit Balance 600 @ $ 45.00 = $ 27,000.00 per unit Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Id Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost Date Cost of Goods Sold Inventory # of units units sold per unit per unit per unit Balance Jan 1 600 @ $ 45.00 = $ 27,000.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Ending Inventory Cost per # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory S 45.00 Specific Identification Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale Beginning inventory 600 S 45.00 $ 27,000 Purchases: Feb 10 400 $ 42.00 16,800 March 13 200 $ 27.00 5,400 $ 50.00 5,000 Sep 5 500 $ 46.00 23,000 Total 1,800 S 77,200 300 $ 42.00 12,600 100 4,200 $ 42.00 $ 27.00 $ 50.00 $ 46.00 Aug 21 100 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, () weighted average, and (c) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 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.) Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold per unit Cost of Goods Sold # of units sold Date Inventory Balance Cost Inventory # of units per unit Balance 600 @ $ 45.00 = $ 27,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10
