Problem 5-3A Perpetual: Alternative cost flows LO P1

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions.

Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $ 40 /unit Feb. 10 Purchase 360 units @ $ 37 /unit Mar. 13 Purchase 150 units @ $ 25 /unit Mar. 15 Sales 765 units @ $ 80 /unit Aug. 21 Purchase 200 units @ $ 45 /unit Sept. 5 Purchase 580 units @ $ 42 /unit Sept. 10 Sales 780 units @ $ 80 /unit Totals 1,890 units 1,545 units

A)Compute cost of goods available for sale and the number of units available for sale.

B)Compute the number of units in ending inventory.

C) Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)FIFO,LIFO, WEIGHED AVERAGE, SPECIFIC IDENTIFICATION. Ending envetory

D)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, WEIGHED AVERAGE, SPECIFIC IDENTIFICATION. Sales , less cost of goods sold, Gross profit