Reference no: EM131208232
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions.
Date, activities, unities aquired at cost, units sold at retail
Jan 1, beginning inventory, 620 units @ $45 per unit
Feb 10, Purchase, 380 units @ $42 per unit
March 13, purchase, 100 units @ $30 per unit
March 15, sales 735 @ 70 per unit
August 21, purchase, 170 units @ $50 per unit
Sept 5, purchase 400 units @ 46 per unit
Sept 10, sales, 570 @ 70 per unit
Totals 1,670 units 1,305 units
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 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. (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.)
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