problem is based on Perpetual Inventory System. 
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 620 units@ $45 per unit Feb. 10 Purchase 310 units @ $42 per unit Mar. 13 Purchase 120 units @ $30 per unit Mar. 15 Sales 770 units @ $85 per unit Aug. 21 Purchase 190 units@ $50 per unit Sept. 5 Purchase 520 units @ $48 per unit Sept. 10 Sales 710 units @ $85 per unit Totals 1,760 units 1,480 units Required: 1. Compute cost of goods available for sale and the number of units available for sale, 2. Compute the number of units in ending Inventory 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (a) weighted average, and (c) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute cost of goods available for sale and the number of units available for sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the number of units in ending inventory. Ending inventory units Required 1 Required 2 Required 3 Required 4 Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Show less Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Required 1 Required 2 Required 3 Required 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.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
