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 $ S $ Units Acquired at Cost 18,000 18,400 17,088 670 units 540 units 270 units 170 units 570 units 2,220 units $45.00 per unit @$42.00 per unit $27.00 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 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 740 units 1,820 units @ $75.00 per unit @ $75.00 per unit
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 $ S $ Units Acquired at Cost 18,000 18,400 17,088 670 units 540 units 270 units 170 units 570 units 2,220 units $45.00 per unit @$42.00 per unit $27.00 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 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 740 units 1,820 units @ $75.00 per unit @ $75.00 per unit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Units Acquired at Cost
@$45.00 per unit
@$42.00 per unit
@$27.00 per unit
September 10
Activities
Beginning inventory
Purchase
Purchase
Sales
Purchase
Purchase
(a) FIFO
(b) LIFO
Sales
Totals
Answer is not complete.
Ending
Inventory
(c) Weighted average
(d) Specific identification
$
S
$
670 units
540 units
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
1,080 units @ $75.00 per unit
740 units @ $75.00 per unit
1,820 units
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