Help Save E Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and transactions Units sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 12 Sales Totals Units Acquired at Cost 540 units @ $40 per unit 320 units @ $36 per unit 100 units@ $24 per unit 120 units@ $45 per unit 520 units @ $41 per unit 658 units@ $85 per unit 548 units @ $85 per unit 1,290 units 1,6ee units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 40 540 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale Il units 2. Compute the number of units in ending inventory Ending inventory 310 units 3. Compute the cost assigned to ending inventory using (6) FIFO (5) UFO. (weighted average, and (c) specific Identification. For specific identification, units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase Complete this question by entering your answers in the tabs below. Perpetual Fifo Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using FIFO (Round your average cost per unit to 2 decimal places) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance of Cost per #of units Cost per Cost of Goods Sold # of units Date Inventory unit Balance units unit 540 $ 40,00 - 5 21.600.00 Jan 1 Cost per sold unit Feb 10 Perpetual FIFO: Goods Purchased #of Cost per units unit Date Cost of Goods Sold # of units sold unit Cost per Cost of Goods Sold Cost per Inventory Balance # of units Inventory unit Balance 540 @ $40.00 S 21.800.00 Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 on the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per #of units Cost per Cost per Inventory Date units of units unit sold Cost of Goods Sold unit Balance Jan 1 540 $ 40.00 $ 21,000.00 Feb 10 Mar 13 Leg Average Perpetual: Goods Purchased Date #of units unit Cost per Cost of Goods Sold # of units Sald Cost of Goods Sold unit Cost per Inventory Balance #of units Cost per Inventory unt Balance 540 $40.00 = 521.600.00 Jan 1 Feb 10 Average Mar 13 Mar 15 Aug 21 Average Sept5 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.) FIFO LIFO Weighted Average Specific Identification Salos Loss: Cost of goods sold Gross profit OS 0 $ OS 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? Specific Identification LIFO FIFO Weighted Average