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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Activities Beginning inventory Purchase Purchase Sales Purchase September 5 Purchase September 10 Sales Totals 100 units @ $50 per unit 500 units @$46 per unit 1,800 units Answer is complete and correct. Cost of goods available for sale Number of units available for sale Units Sold at Retail Required: 1. Compute cost of goods available for sale and the number of units available for sale. 77,200✔ 1,800 units 800 units @ $75 per unit 600 units @ $75 per unit 1,400 units

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Activities Beginning inventory Purchase Purchase Sales Purchase September 5 Purchase September 10 Sales Totals 100 units @ $50 per unit 500 units @$46 per unit 1,800 units Answer is complete and correct. Cost of goods available for sale Number of units available for sale Units Sold at Retail Required: 1. Compute cost of goods available for sale and the number of units available for sale. 77,200✔ 1,800 units 800 units @ $75 per unit 600 units @ $75 per unit 1,400 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 perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit March 15 August 21 Activities Beginning inventory Purchase Purchase Sales Purchase September 5 Purchase September 10 Sales Totals 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Cost of goods available for sale Number of units available for sale Answer is complete and correct. $ 77,200✔ 1,800 units Units Sold at Retail 800 units @ $75 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 600 units @ $75 per unit 1,400 units
Transcribed Image Text:Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit March 15 August 21 Activities Beginning inventory Purchase Purchase Sales Purchase September 5 Purchase September 10 Sales Totals 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Cost of goods available for sale Number of units available for sale Answer is complete and correct. $ 77,200✔ 1,800 units Units Sold at Retail 800 units @ $75 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 600 units @ $75 per unit 1,400 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 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification X Answer is not complete. Compute the cost assigned to ending inventory using FIFO. Note: Round your average cost per unit to 2 decimal places.
Transcribed Image Text: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 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.) Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification X Answer is not complete. Compute the cost assigned to ending inventory using FIFO. Note: Round your average cost per unit to 2 decimal places.
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