problem 5-3A perpetual: alternative cost flows LO P

Problem 5-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual Inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 600 units $600 per unit 400 units $57 per unit 120 units $42 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 785 unitse $0 per unit 150 units @ $65 per unit 470 units@ $63 per unit $80 per unit 650 units 1,435 units 1,850 units Required: 1. Compute cost of goods available for sale and the number of units available for sale Answer is complete and correct. Cost of goods available for sale Number of units available for sale Pro 710 1,850 units 2. Compute the number of units in ending inventory. Answer is complete and correct. Ending inventory 415 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. ( weighted average, and (specific identification. For specific identification, units sold consist of 600 units from beginning inventory 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost pe unit to 2 decimal places.) * Answer is not complete. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit OSOSOS