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

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

600

units

@ $40 per unit

Feb.

10

Purchase

360

units

@ $37 per unit

Mar.

13

Purchase

150

units

@ $25 per unit

Mar.

15

Sales

765

units

@ $80 per unit

Aug.

21

Purchase

200

units

@ $45 per unit

Sept.

5

Purchase

580

units

@ $42 per unit

Sept.

10

Sales

780

units

@ $80 per unit

Totals

1,890

units

1,545

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 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)

Weighted Average Perpetual FIF0 Perpetual LIFO Specific Id Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost Inventory Balance #of units Date per unit Cost of Goods Sold units sold per unit per unit 600 $ 24,000.00 Jan 1 $40,00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 Totals S S 0,00 0.00 Perpetual FIFO Perpetual LIFO Weighted Perpetual FIFO Perpetual LIFO Specific Id Average Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Cost of Goods Sold Inventory Balance Goods Purchased # of Cost # of units. Cost Cost Inventory # of units Date ner unit Cost of Goods Sold sold per unit units Balance per unit Jan 1 600 S 24.000,00 S40,00 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Sept 10 S 0.00 Totals. Perpetual FIFO Weighted Average Weighted Average Perpetual FIFO Perpetual LIFO 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 Inventory # of Cost of units Cost Cost #of units Date per unit Cost of Goods Sold sold units per unit per unit Balance 600 Jan 1 S40.00 $24.000.00 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept 5 Sept 10 Totals 0.00 Perpetual LIFO Specific Id Weighted Perpetual FIFO Perpetual LIFO Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginnin= from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase. (R cost per unit to 2 decimal places.) Specific Identification: Goods Purchased Cost of Goods Sold Inventory Balance # of units Inventory Balance #of Cost Cost Cost Date #of units per unit Cost of Goods Sold sold per unit units. per unit 600 January 1 $ 40.00 S 24.000,00 February 10 March 13 March 15 Aug 21 Sep 5 Sep 10 Totals S 0.00 Spepific Id Weighted Awerage 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.) Weighted Specific FIFO LIFO Average Identification Sales Less: Cost of goods sold Gross profit S S S 0 0

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