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. Date Activities January 1 Beginning inventory February 10 Purchase Units Acquired at Cost Units Sold at Retail March 13 March 15 August 21 September 5 Purchase Sales Purchase Purchase September 10 Sales Totals Required: 650 units 500 units 250 units @$45.00 per unit @$42.00 per unit @$27.00 per unit 1,000 units @$75.00 per unit 150 units 550 units @$50.00 per unit @$46.00 per unit 2,100 units 700 units 1,700 units @$75.00 per unit 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 650 units from beginning inventory, 350 from the February 10 purchase, 250 from the March 13 purchase, 100 from the August 21 purchase, and 350 from the September 5 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase Units Acquired at Cost Units Sold at Retail March 13 March 15 August 21 September 5 Purchase Sales Purchase Purchase September 10 Sales Totals Required: 650 units 500 units 250 units @$45.00 per unit @$42.00 per unit @$27.00 per unit 1,000 units @$75.00 per unit 150 units 550 units @$50.00 per unit @$46.00 per unit 2,100 units 700 units 1,700 units @$75.00 per unit 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 650 units from beginning inventory, 350 from the February 10 purchase, 250 from the March 13 purchase, 100 from the August 21 purchase, and 350 from the September 5 purchase. 4. Compute gross profit earned by the company for each of the four costing methods.