Problem 6-4AA (Static) 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 January 1 February 10 March 13 March 15 Activities Beginning inventory Purchase Purchase Sales Purchase August 21 Septeber 51 Purchase September 10 Sales Totals @$45 per unit $42 per unit @ $27 per unit Units Sold at Retail Units Acquired at Cost 600 units 400 units 200 units 800 units $75 per unit 100 units 500 units $50 per unit @$46 per unit 1,800 units 600 units 1,400 units $75 per unit 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 2. Compute the number of units in ending inventory. Ending inventory units 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. (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Ending Inventory 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. R Round your final answers to the nearest whole dollar amount.) Sales FIFO LIFO Weighted Average Specific Identification Less: Cost of goods sold Gross profit S 05 0 $ 0 S 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? O LIFO O Weighted Average O Specific Identification O FIFO