Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 700 units @ $50 per unit 350 units @ $44 per unit 150 units @ $32 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 705 units @ $80 per unit 190 units @ $55 per unit 540 units @ $51 per unit 730 units @ $80 per unit 1,435 units 1,930 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, (C) weighted average, and (d) specific identification. For specific identification, units sold consist of 700 units from beginning inventory, 250 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 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.) & Answer is not complete. 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. $ 1,930 X Cost of goods available for sale Number of units available for sale 1,435 units Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 700 units from beginning inventory, 250 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Show less A Ending Inventory (b) (c) FIFO LIFO Weighted average Specific identification Pocuired Docuired X Answer is not complete. Complete this question by entering your answers in the tabs below. 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
