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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 Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ $ $ Units Acquired at Cost 670 units@ $45.00 per unit 540 units $42.00 per unit $27.00 per unit 270 units 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. 18,000 18,400 17,088 170 units 570 units 2,220 units @ $50.00 per unit $46.00 per unit 1,000 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units

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 Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ $ $ Units Acquired at Cost 670 units@ $45.00 per unit 540 units $42.00 per unit $27.00 per unit 270 units 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. 18,000 18,400 17,088 170 units 570 units 2,220 units @ $50.00 per unit $46.00 per unit 1,000 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units

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 Activities Beginning inventory Purchase Date January 1 February 10 March 13 March 15 August 21 Units Acquired at Cost @$45.00 per unit @ $42.00 per unit @ $27.00 per unit Purchase Sales Purchase Purchase Sales Totals September 5 September 10 (a) FIFO (b) LIFO Answer is not complete. Ending Inventory (c) Weighted average (d) Specific identification S $ $ 670 units 540 units 270 units 18,000 18,400 17,088 ✔ 170 units 570 units 2,220 units 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. @ $50.00 per unit @$46.00 per unit 1,080 units @ $75.00 per unit 740 units 1,820 units @ $75.00 per unit
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 Activities Beginning inventory Purchase Date January 1 February 10 March 13 March 15 August 21 Units Acquired at Cost @$45.00 per unit @ $42.00 per unit @ $27.00 per unit Purchase Sales Purchase Purchase Sales Totals September 5 September 10 (a) FIFO (b) LIFO Answer is not complete. Ending Inventory (c) Weighted average (d) Specific identification S $ $ 670 units 540 units 270 units 18,000 18,400 17,088 ✔ 170 units 570 units 2,220 units 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. @ $50.00 per unit @$46.00 per unit 1,080 units @ $75.00 per unit 740 units 1,820 units @ $75.00 per unit
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