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 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase September 5 September 10 Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. units units 800 units @ $75 per unit 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.)
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 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase September 5 September 10 Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. units units 800 units @ $75 per unit 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
If you could please help me figure out how to fill in FIFO, LIFO, and Weighted Average it would be super appreciated I have no clue where to even start with this one but once I see how it’s done my hopes are I’ll be able to understand how to do it which is what usually happens lol thank you so much I understand specific Identification so I don’t need any help with understanding how to do that but I do not know how to get the sales in part 4 for Specific ID/for all of them. I know it’s a lot but I’m so confused so it would be so helpful thank you! If that’s too much to do for one problem even just doing some of it would be of help for me to understand how to come to a solution thank you.

Transcribed Image Text:Weighted
Average
Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.)
Perpetual FIFO Perpetual LIFO
7
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
Total September 10
Totals
Goods Purchased
# of units
Sales
Less: Cost of goods sold
Gross profit
Cost per # of units
unit
sold
B
VAN
Specific Id
FIFO
Perpetual FIFO:
Cost of Goods Sold
Cost per Cost of Goods Sold
unit
Perpetual FIFO
LIFO
Weighted
Average
4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal
places.)
Inventory Balance
Cost per
unit
# of units
600 at $45.00 =
Perpetual LIFO >
Specific
Identification
Highlight All
Inventory
Balance
Match Case
$ 27,000.00
Match Diacritics
< Prev
0
Whol

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
F1
Activities
Beginning inventory
Purchase
Purchase
Sales
September 5
September 10 Sales
Totals
Purchase
Purchase
Cost of goods available for sale
Number of units available for sale
Ending inventory
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
2
2. Compute the number of units in ending inventory.
F2
units
100 units @ $50 per unit
500 units @ $46 per unit
Complete this question by entering your answers in the tabs below.
Highlight All
# ?
1,800 units
3
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.)
units
80
F3
Match Case
S
$
A
000
000
F4
Match Diacritics
%
Units Sold at Retail
800 units @ $75 per unit
F5
600 units @ $75 per unit
1,400 units
< Prev
Whole Words
<SC
21 of 26
6
F6
4 of 4 matches
&
Next >
7
F7
8
DII
F8
Expert Solution
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