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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Data hetivities Units Aequired at Cont Units sold at Retail Jan. 1 Beginning inventory 630 unitse $50 per unit Feb. 10 Purchase 370 units! $46 per unit Mar. 13 Purchase 100 units $34 per unit Mar. 15 Sales 740 unitne $75 per unit Aug. 21 Purchase 160 units $55 per unit Sept. 5 Purchase 520 units $51 per unit Sept. 10 Sales 680 units $75 per unit Totals 1.780 units 1,420 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. units Ending inventory 3. Compute the cost assigned to ending invertory using ( RFO (UFO, to weighted average, and to specific identification. For specific Identification, units sold consist of 630 units from beginning inventory. 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase Complete this question by entering your answers in the the below. Perpetual pro Perpetual ro weighine Spechce Compute the contained to ending inwentary using pro. (Round your verage cost per unit to 2 decimal pow.) PaperLERO Costo de San Cost of Good Sold Coel Jan 630 150.00 3150000 Fab 10 Mart Mar 15 Aug 21 Sees Sept 10 5 Total 0.00 $ 0.00 Perpetual FIFO Perpetual UFO Weighted Average Specine Id Compute the cost assigned to ending Inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO Goods Purchased of units Data Cost Cost of Goods Sold # of units Cost Cost of Goods Sold sold Inventory Banne Cast of units Inventory Balance 630 $50.00 $ 31,500.00 per un per unit per unit Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 0.0D Totals Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending Inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Date Coat # of units Cost Cant Cost of Goods Sold Inventory sold of units units per unit Balance Jan 1 630 $50.00 $ 31,500.00 per unit per unit Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept5 Sept 10 Totals 0.00 Perpetual FIFO perpetuat LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific Identification. For specific identification, units sold consist of 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September S Purchase (Round your average cost per unit to 2 decimal places.) Spec an Coat of Goods Available for sale Cost of doges Sala Ending liventory Cost per of units Coat Cost of Goods Sold Ending Cost of Goods of units cost per unit Available for Sale 630 $ 50.00 5 27.000 of units sold nending Cooper Inventory unit ol $ 50.00 $ 0 270 46.00 4.600 Beginning Purchases Feb 10 March 13 Aug 21 Sep 5 Total 12.420 ol o 3701 $ 46.00 100 $ 34.00 1601555.00 520$ $1.00 1.780 16,800 5.400 5,000 23,000 $ 77,2001 1001 $ 46,00 $ 34,00 $ 55.00 $ 51.00 0 3 12.420 270 100 3800 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 $ OS 0 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? UFO FIFO Weighted Average Specific identification
