A-1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.DateJanuary 1February 10March 13Units Acquired at Cost600 units @ $45 per unit400 units @ $42 per unit200 units @ $27 per unitMarch 15August 21September 5September 10 SalesTotalsActivitiesBeginning inventoryPurchasePurchaseSalesPurchasePurchaseCost of goods available for saleNumber of units available for sale100 units @ $50 per unit500 units @ $46 per unit1,800 units2. Compute the number of units in ending inventory.Ending inventoryRequired:1. Compute cost of goods available for sale and the number of units available for sale.unitsUnits Sold at Retailunits800 units @ $75 per unit600 units @ $75 per unit1,400 units

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Description: A-1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.DateJanuary 1February 10March 13Units Acquired at Cost600 units @ $45 per unit400 units @ $42 per unit200 units @ $27

The cost which has been incurred on goods that are available for sale is known as cost of goods…

Business

Accounting

Montoure Company uses a perpetual 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 Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit 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 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Ending inventory 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

Montoure Company uses a perpetual 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 Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit 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 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Ending inventory 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

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

A-1

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
September 5
September 10 Sales
Totals
Activities
Beginning inventory
Purchase
Purchase
Sales
Purchase
Purchase
Cost of goods available for sale
Number of units available for sale
100 units @ $50 per unit
500 units @ $46 per unit
1,800 units
2. Compute the number of units in ending inventory.
Ending inventory
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
units
Units Sold at Retail
units
800 units @ $75 per unit
600 units @ $75 per unit
1,400 units

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