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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 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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
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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