Hello need this completed. Thanks Montoure Company uses a...

70.2K

Verified Solution

Question

Accounting

Hello need this completed. Thanks
image
image
image
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transaction Required: 1. Compute cost of goods avaitable for sale and the number of units available for sale. 4. Compure the number or unis in enang inventory. 3. Compute the cost assigned to ending irventory using (a) FIFO, (b) LIFO. (G) weighted average, and ( d ) specific identification. (For specific identification, units sold consist of 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using fifo. Note: Round your sversge cost per unit to 2 decimar places. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. 5. The company's manager earns a bohus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? Specific Identification Weighted Average LIFO FIFO

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students