es Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Units Acquired at Cost @ $45.00 per unit @$42.00 per unit $27.00 per unit. Purchase Sales Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 605 units 410 units 205 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 105 units 505 units units (a) FIFO (b) LIFO 1,830 units 2. Compute the number of units in ending inventory. units @$50.00 per unit @ $46.00 per unit Ending Inventory Units Sold at Retail 820 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 610 units @ $75.00 per unit. 1,430 units
es Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Units Acquired at Cost @ $45.00 per unit @$42.00 per unit $27.00 per unit. Purchase Sales Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 605 units 410 units 205 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 105 units 505 units units (a) FIFO (b) LIFO 1,830 units 2. Compute the number of units in ending inventory. units @$50.00 per unit @ $46.00 per unit Ending Inventory Units Sold at Retail 820 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 610 units @ $75.00 per unit. 1,430 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.
Activities
Beginning inventory
Purchase
Purchase
Date
January 1
February 10
March 13
March 15
August 21
September 5
September 10
Sales
Purchase
Purchase
Sales.
Totals
Cost of goods available for sale
Number of units available for sale
Ending inventory
Units Acquired at Cost
605 units
410 units
205 units
units
(a) FIFO
(b) LIFO
CH
105 units.
505 units
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
1,830 units
2. Compute the number of units in ending inventory.
units
Ending Inventory
@ $45.00 per unit
@ $42.00 per unit
@ $27.00 per unit
@ $50.00 per unit
@$46.00 per unit.
Units Sold at Retail.
820 units
610 units
1,430 units
@ $75.00 per unit
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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the
March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase.
Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.
@ $75.00 per unit
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