Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Note:-

  • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
  • Answer completely.
  • You will get up vote for sure.
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
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
Expert Solution
steps

Step by step

Solved in 7 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS