Problem 6-3A (Algo) 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 January 1 February 10 Beginning inventory Purchase March 13 Purchase Units Acquired at Cost 660 units @ $35 per unit $32 per unit Units Sold at Retail March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals 330 units 110 units $20 per unit 760 units @ $75 per unit 180 units 570 units $40 per unit @ $36 per unit 1,850 units 750 units @$75 per unit 1,510 units Required: 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 Compute the number of units in ending Inventory. Ending inventory units units 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 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 13 purchase, 130 from the August 21 purchase, and 380 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Specific Average Identification Compute the cost assigned to ending inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units January 1 660 at Inventory Balance Cost per unit $35.00= 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 September 10 Totals Inventory Balance $ 23,100.00 $ 0.00 $ 0.00 Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit S 0 S 0 S 0 S 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? O LIFO O Weighted Average FIFO Specific Identification