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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail 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 September 5 September 10 Compute the cost assigned to ending inventory using LIFO. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 otal September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Total September 10 Totals Goods Purchased # of units Cost per unit of units sold Perpetual LIFO Cost of Goods Sold 100 units @ $50 per unit 500 units $46 per unit 1,800 units Cost Cost of Goods Sold per unit 0.00 $ 800 units @ $75 per unit Inventory Balance of units Cost per unit Inventory Balance 600 a $45.00 $ 27.000 January 1 0.00 600 units @ $75 per unit 1,400 units Date February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals Goods Purchased # of units Cost per unit Weighted Average Perpetual: Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units 600 at < Perpetual LIFO $ Inventory Balance Cost Inventory Balance per unit $45.00 = $27,000.00 0.00 Specific Identification >

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail 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 September 5 September 10 Compute the cost assigned to ending inventory using LIFO. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 otal September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Total September 10 Totals Goods Purchased # of units Cost per unit of units sold Perpetual LIFO Cost of Goods Sold 100 units @ $50 per unit 500 units $46 per unit 1,800 units Cost Cost of Goods Sold per unit 0.00 $ 800 units @ $75 per unit Inventory Balance of units Cost per unit Inventory Balance 600 a $45.00 $ 27.000 January 1 0.00 600 units @ $75 per unit 1,400 units Date February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals Goods Purchased # of units Cost per unit Weighted Average Perpetual: Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units 600 at < Perpetual LIFO $ Inventory Balance Cost Inventory Balance per unit $45.00 = $27,000.00 0.00 Specific Identification >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 September 5 September 10 Compute the cost assigned to ending Inventory using LIFO. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Total September 10 Totals Goods Purchased # of units Cost per unit # of units sold Perpetual LIFO: Cost of Goods Sold 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Cost Cost of Goods Sold per unit 0.00 Inventory Balance $ Units Sold at Retail Inventory Balance Cost # of units per unit 600 at $45.00 - $ 27,000.00 January 1 0.00 800 units @ $75 per unit 600 units @ $75 per unit 1,400 units Date February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals Goods Purchased Cost # of units per unit Weighted Average Perpetual: Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold < Perpetual LIFO $ 0.00 Inventory Balance Cost Inventory Balance per unit $45.00 $27,000.00 # of units 600 at Specific Identification > =
Transcribed Image Text: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 September 5 September 10 Compute the cost assigned to ending Inventory using LIFO. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 September 5 Total September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Total September 10 Totals Goods Purchased # of units Cost per unit # of units sold Perpetual LIFO: Cost of Goods Sold 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Cost Cost of Goods Sold per unit 0.00 Inventory Balance $ Units Sold at Retail Inventory Balance Cost # of units per unit 600 at $45.00 - $ 27,000.00 January 1 0.00 800 units @ $75 per unit 600 units @ $75 per unit 1,400 units Date February 10 Average February 10 March 13 Average March 13 March 15 August 21 Average August 21 September 5 Average September 5 September 10 Totals Goods Purchased Cost # of units per unit Weighted Average Perpetual: Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold < Perpetual LIFO $ 0.00 Inventory Balance Cost Inventory Balance per unit $45.00 $27,000.00 # of units 600 at Specific Identification > =
Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using 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. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 March 13 August 21 September 5 Total Weighted Average Goods Available for Sale # of units Specific Identification 0 Cost per unit Cost of Goods Available for Sale S Specific Identification S 0 0 0 0 0 0 Cost of Goods Sold # of units sold 0 < Weighted Average Cost per unit $ 0.00 0.00 0.00 0.00 Cost of Goods Sold $ $ 0 0 0 0 0 # of units in ending inventory Ending Inventory Cost per unit 0 Specific Identification > 0.00 0.00 0.00 0.00 0.00 Ending Inventory S OOOOO 0 0 0 0
Transcribed Image Text:Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using 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. Note: Round your average cost per unit to 2 decimal places. Date January 1 February 10 March 13 August 21 September 5 Total Weighted Average Goods Available for Sale # of units Specific Identification 0 Cost per unit Cost of Goods Available for Sale S Specific Identification S 0 0 0 0 0 0 Cost of Goods Sold # of units sold 0 < Weighted Average Cost per unit $ 0.00 0.00 0.00 0.00 Cost of Goods Sold $ $ 0 0 0 0 0 # of units in ending inventory Ending Inventory Cost per unit 0 Specific Identification > 0.00 0.00 0.00 0.00 0.00 Ending Inventory S OOOOO 0 0 0 0
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