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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.

Date	Activities	Units Acquired at Cost			Units Sold at Retail
January 1	Beginning inventory	700	units	@ $45.00 per unit
February 10	Purchase	600	units	@ $42.00 per unit
March 13	Purchase	300	units	@ $27.00 per unit
March 15	Sales				1,200	units	@ $75.00 per unit
August 21	Purchase	200	units	@ $50.00 per unit
September 5	Purchase	600	units	@ $46.00 per unit
September 10	Sales				800	units	@ $75.00 per unit
	Totals	2,400	units		2,000	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.

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, 400 from the February 10 purchase, 300 from the March 13 purchase, 150 from the August 21 purchase, and 450 from the September 5 purchase.

	Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification

4. Compute gross profit earned by the company for each of the four costing methods.

	FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit

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