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

  

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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 March 15 August 21 Activities Beginning inventory Purchase Purchase Units Acquired at Cost 660 units @ $55 per unit 330 units @ $52 per unit 110 units @ $40 per unit September 5 September 10 Sales Purchase Purchase Sales Totals 140 units @ $60 per unit 420 units @ $56 per unit 1,660 units Units Sold at Retail 780 units @ $75 per unit 560 units @ $75 per unit 1,340 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 March 15 August 21 Activities Beginning inventory Purchase Purchase Units Acquired at Cost 660 units @ $55 per unit 330 units @ $52 per unit 110 units @ $40 per unit September 5 September 10 Sales Purchase Purchase Sales Totals 140 units @ $60 per unit 420 units @ $56 per unit 1,660 units Units Sold at Retail 780 units @ $75 per unit 560 units @ $75 per unit 1,340 units Required: 1. Compute cost of goods available for sale and the number of units available for sale.

Answer rating: 100% (QA)

ANSWER To compute the cost of goods available for sale and the number of units available for sale we need to track the purchases and sales transactions Given the following transactions Beginning inven... View the full answer