Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail I Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO 136,000 $ 136,000 Units Acquired at Cost @$45.00 per unit $42.00 per unit @ $27.00 per unit 670 units 540 units 270 units 4. Compute gross profit earned by the company for each of the four costing methods Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 170 units 570 units 2,220 units LIFO $ 94,840 Answer is not complete. Weighted Average @sse.ee per unit @$46.00 per unit $ $ 94,840 $ Specific identification 94,840 S 94,840 $ 1,880 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units 94,840 17,920 76,920
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail I Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO 136,000 $ 136,000 Units Acquired at Cost @$45.00 per unit $42.00 per unit @ $27.00 per unit 670 units 540 units 270 units 4. Compute gross profit earned by the company for each of the four costing methods Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 170 units 570 units 2,220 units LIFO $ 94,840 Answer is not complete. Weighted Average @sse.ee per unit @$46.00 per unit $ $ 94,840 $ Specific identification 94,840 S 94,840 $ 1,880 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units 94,840 17,920 76,920
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.
Units Sold at Retail
|
Date
January 1
February 10
March 13
March 15
August 21
September 5
September 10
Activities
Beginning inventory
Purchase
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
$
Units Acquired at Cost
670 units
540 units
270 units
FIFO
170 units
570 units
2,220 units
$45.00 per unit
$42.00 per unit
@ $27.00 per unit
@ $50.00 per unit
$46.00 per unit
4. Compute gross profit earned by the company for each of the four costing methods.
Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.
Answer is not complete.
Weighted
Average
LIFO
136,000$ 94,840 S 94,840 $
Specific
identification
136,000 $ 94,840 $ 94,840 $
1,080 units @ $75.00 per unit
94,840
17,920
76,920
740 units @ $75.00 per unit
1,820 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52042bdc-997b-4284-9409-835b896622a9%2F8a5e610b-31a3-4a03-a12b-9ffbbfc50ccc%2Fzcyum0k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.
Units Sold at Retail
|
Date
January 1
February 10
March 13
March 15
August 21
September 5
September 10
Activities
Beginning inventory
Purchase
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
$
Units Acquired at Cost
670 units
540 units
270 units
FIFO
170 units
570 units
2,220 units
$45.00 per unit
$42.00 per unit
@ $27.00 per unit
@ $50.00 per unit
$46.00 per unit
4. Compute gross profit earned by the company for each of the four costing methods.
Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.
Answer is not complete.
Weighted
Average
LIFO
136,000$ 94,840 S 94,840 $
Specific
identification
136,000 $ 94,840 $ 94,840 $
1,080 units @ $75.00 per unit
94,840
17,920
76,920
740 units @ $75.00 per unit
1,820 units
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