Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $45 per unit Feb. 10 Purchase 400 units @ $42 per unit Mar. 13 Purchase 200 units @ $27 per unit Mar. 15 Sales 800 units @ $75 per unit Aug. 21 Purchase 100 units @ $50 per unit Sept. 5 Purchase 500 units @ $46 per unit Sept. 10 Sales 600 units @ $75 per unit Totals 1,800 units 1,400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale.
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $45 per unit Feb. 10 Purchase 400 units @ $42 per unit Mar. 13 Purchase 200 units @ $27 per unit Mar. 15 Sales 800 units @ $75 per unit Aug. 21 Purchase 100 units @ $50 per unit Sept. 5 Purchase 500 units @ $46 per unit Sept. 10 Sales 600 units @ $75 per unit Totals 1,800 units 1,400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale.
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 | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
| Jan. | 1 | Beginning inventory | 600 | units | @ $45 per unit | |||||||
| Feb. | 10 | Purchase | 400 | units | @ $42 per unit | |||||||
| Mar. | 13 | Purchase | 200 | units | @ $27 per unit | |||||||
| Mar. | 15 | Sales | 800 | units | @ $75 per unit | |||||||
| Aug. | 21 | Purchase | 100 | units | @ $50 per unit | |||||||
| Sept. | 5 | Purchase | 500 | units | @ $46 per unit | |||||||
| Sept. | 10 | Sales | 600 | units | @ $75 per unit | |||||||
| Totals | 1,800 | units | 1,400 | units | ||||||||
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
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