Question: please help quick! i will like!! Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Required: 1.



Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Required: 1. Compute cost of goods avallable for sale and the number of units avaifable for sale. 2. Compute the number of units in ending irventory: 3. Compute the cost assigned to ending inventory using (a) FFFO, (G) LIFO, (C) weighted average, and ( ( s 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.) Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unt to 2 decimal places.) Perpetual LIFO > 4. Compute gross piofit earned by the company for each of the four costing methods: (Round your overage cost per unit to 2 decimol ploces.) 5. The company's manager eams a bonus based on a percent of gross profit. Which method of inventory costing produces the highes. bonus for the manager? Specificidentification Weighted Average LIFO FFO
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
