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 Unita Acquired at coat Units Sold at Retail Jan. 1 Beginning inventory 600 units $45 per unit Feb. 10 Purchase 400 unitse $42 per unit Mar. 13 Purchase 200 unita e $27 per unit Mar. 15 Sales 800 units $75 per unit 100 units e$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 unita Aeg. 21 Purchase 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 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. (a 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 Cost of Goods Sold # of Cost per of units Cost per units unit sold Cost of Goods Sold unit Date Inventory Balance # of units Cost per Inventory unit Balance 600 @ $ 45.00 - $ 27,000.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Aug 21 Sept 5 ces Sept 10 Totals Perpetual FIFO Perpetual LIFO > 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? LIFO Specific Identification FIFO Weighted Average