Problem 6-4AA (Algo) Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 645 units @ $45.00 per unit February 10 Purchase 490 units @ $42.00 per unit March 13 Purchase 245 units @ $27.00 per unit March 15 Sales 980 units @ $75.00 per unit August 21 Purchase 145 units @ $50.00 per unit September 5 Purchase 545 units @ $46.00 per unit September 10 Sales 690 units @ $75.00 per unit Totals 2,070 units 1,670 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 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (C) weighted average, and (c) specific identification. For specific identification, units sold consist of 645 units from beginning inventory, 345 from the February 10 purchase, 245 from the March 13 purchase, 95 from the August 21 purchase, and 340 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Ending Inventory (a) FIFO (b) LIFO 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. Round your final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit 5. 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? Specific Identification OLIFO Weighted Average O FIFO