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 Units Sold at Retail Units Acquired at Cost 580 units $40 per unit 420 units $38 per unit 180 units $25 per unit Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Activities 755 units e $70 per unit 190 units $45 per unit 560 units $41 per unit 750 units $70 per unit ,505 units Totals 1,930 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 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, () weighted average, and (a) specific identification. For specific identification, units sold consist of 580 units from beginning inventory, 320 from the February 10 purchase, 180 from the March 13 purchase, 140 from the August 21 purchase, and 285 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Ending Inventory (a) FIFC (b) LIFC Weighted average (d) Specific identification 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.) Specific FIFO LIFO Sales Less: Cost of Gross proft s sold