Units sold at Retail Units Acquired at Cost 540 units @ $40 per unit 320 units @ $36 per unit 100 units @ $24 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 650 units @ $85 per unit 120 units @ $45 per unit 520 units @ $41 per unit 640 units @ $85 per unit 1,290 units 1,600 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 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the Ma 13 purchase, 70 from the August 21 purchase, and 360 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 the four costing methods. (Round your average cost per unit to 2 decir places.) 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, (6) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 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 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 540 units @ $40 per unit 320 units @ $36 per unit 100 units @ $24 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 650 units @ $85 per unit 120 units @ $45 per unit 520 units @ $41 per unit 640 units @ $85 per unit 1,290 units Totals 1,600 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 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 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 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 Specific Average Identification $ 109,650 $ 109,650 $ 109,650 $ 109,650 Sales Less: Cost of goods sold Gross profit $ 109,650 $ 109,650 $ 109,650 $ 109,650
