Problem 5-3A (Static) 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 Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit 800 units @ $75 per unit 100 units 500 units @ $50 per unit @ $46 per unit @ $75 per unit 600 units 1,400 units Totals 1,800 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 2. Compute the number of units in ending inventory. Ending inventory units 3. 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, 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.) Goods Purchased Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods Sold sold unit Date Cost per Cost per # of units Inventory Balance # of units Inventory unit Balance 600 at $ 45.00 = $ 27,000.00 unit January 1 February 10 Total February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Total August 21 September 5 Total September 5 September 10 Total September 10 Totals $ 0.00 $ 0.00 Perpetual FIFO Perpetual LIFO >