Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales...
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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 11 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @$45.00 per unit $42.00 per unit @$27.00 per unit 695 units 590 units 295 units 195 units 595 units 2.370 units $50.00 per unit $46.00 per unit 1,180 units 790 units 1,970 units e $75.00 per unit $75.00 per unit 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. Round your final answers to the nearest whole dollar amount.) Sales Less: Cost of goods sold Gross profit S FIFO Answer is not complete. Weighted Average 0 $ LIFO 0 S 0 Specific Identification S 0 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 11 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost @$45.00 per unit $42.00 per unit @$27.00 per unit 695 units 590 units 295 units 195 units 595 units 2.370 units $50.00 per unit $46.00 per unit 1,180 units 790 units 1,970 units e $75.00 per unit $75.00 per unit 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. Round your final answers to the nearest whole dollar amount.) Sales Less: Cost of goods sold Gross profit S FIFO Answer is not complete. Weighted Average 0 $ LIFO 0 S 0 Specific Identification S 0
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
Posted Date:
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