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 620 units @ $45 per unit Feb. 10 Purchase 310 units @ $42 per unit Mar. 13 Purchase 120 units @ $30 per unit Mar. 15 Sales 770 units @ $85 per unit Aug. 21 Purchase 190 units @ $50 per unit Sept. 5 Purchase 520 units @ $48 per unit Sept. 10 Sales 710 units @ $85 per unit Totals 1,760 units 1,480 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, (6) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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 per units unit Cost of Goods Sold # of units Cost Cost of Goods Sold sold per unit Date Inventory Balance Cost # of units Inventory Balance 620 @ $ 45.00 = $ 27,900.00 per unit Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals 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