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 Sold at Retail Jan. 1 Beginning Units Acquired at Cost 570 units @ $50 per unit 380 units @ $47 per unit 190 units @ $35 per unit 700 units@ $75 per unit inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 200 units @ $55 per unit 590 units@ $53 per unit 790 units@ $75 per unit 1,490 units 1,938 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 570 units from beginning inventory, 280 from the February 10 purchase, 190 from the March 13 purchase, 150 from the August 21 purchase, and 300 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.) Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per cost of Goods Sold unit Date #of units sold Jan 1 Feb 10 380 @ $ 47.00 Inventory Balance of units Cost per Inventory unit Balance 570 @ $50.00 = $ 28,500.00 570 @ $50.00 = $ 28,500.00 380 @ $47.00 = 17,860.00 $ 46,360.00 570 @ $50.00 - $ 28,500.00 380 @ $ 47.00 = 17,860.00 190 @ $ 35.00 = 6,650.00 $ 53,010.00 Mar 13 190 @ $35.00 ences Mar 15 @ 570 390 $50.00 $47.00 $ 28,500 001 18,330.00 $ 46,830.00 2001 @ 190 $47.00 $35.00 = = $ 9.400.00 6,650 00 $ 16,050 00 Aug 21 2001 @ $55.00 @ @ @ $47.00 $ 35.00 $55.00 Sept 5 590 @ $ 53.00 @ @ @ @ $ 47.00 $ 35.00 $55.00 $53.00 Sept 10 $ 46,830.00 Totals Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per cost of Goods Sold s old Date unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 570 @ $50.00 - $ 28,500.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sopt 5 Sept 10 0 Totals $ 0.00 Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal plac Weighted Average Perpetual: Goods Purchased Date # of Cost per units unit Jan 1 Cost of Goods Sold of units Cost per de sold sold unit Cost of Goods Sold Inventory Balance of units unit cost per Cost per Inventory Inventory unit Balance 570 @ $50.00 - $ 28,500.00 Feb 10 Average Mar 13 Mar 15 Mar 15 15 |Aug 21 Average Sept5 Print Sept 10 Totals $ 0.00 erences Inventory Balance Goods Purchased # of Cost per units unit Cost of Goods Sold #of units Cost per cost of Goods Sold sold i Cost of Goods Sold Date # of units Cost per Inventory Balance unit Inventory Balance $50.00 $ 28,500.00 January 1 570 @ February 10 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals