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Montour Company uses a perpetual inventory system. It entered into the following calendar-year 2013 purchases and sales transactions.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
600
units
@ $45 per unit
Feb.
10
Purchase
400
@ $42 per unit
Mar.
13
200
@ $27 per unit
15
Sales
800
@ $75 per unit
Aug.
21
100
@ $50 per unit
Sept.
5
500
@ $46 per unit
Totals
1,800
1,400
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, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.(Round your average cost per unit to 2 decimal places.)
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