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Question - 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
700 units@ $50 per unit
Feb. 10
Purchase
350 units@ $44 per unit
Mar. 13
150 units@ $32 per unit
Mar. 15
Sales
705 units@ $80 per unit
Aug. 21
190 units@ $55 per unit
Sept. 5
540 units@ $51 per unit
Sept. 10
730 units@ $80 per unit
Totals
1,930 units
1,435 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 700 units from beginning inventory. 250 from the February 10 purchase. 150 from the March 13 purchase, 140 from the August 21 purchase, and 195 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.
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