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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

January $1$ Beginning inventory $630$ units @ $$50$ per unit

February $10$ Purchase $370$ units @ $$46$ per unit

March $13$ Purchase $100$ units @ $$34$ per unit

March $15$ Sales $740$ units @ $$75$ per unit

August $21$ Purchase $160$ units @ $$55$ per unit

September $5$ Purchase $520$ units @ $$51$ per unit

September $10$ Sales $680$ units @ $$75$ per unit

Totals $1,780$ units $1,420$ 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 $630$ units from beginning inventory, $270$ from the February $10$ purchase, $100$ from the March $13$ purchase, $110$ from the August $21$ purchase, and $310$ from the September $5$ purchase.$)$

$4.$ 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 bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?

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