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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transacti Units Sold at Retail Activities Beginning inventory Purchase Units Acquired at Cost 600 units @ $40 per unit 400 units $37 per unit Purchase 190 units $15 per unit Sales Purchase Purchase Sales Totals Date January 11 February 10 March 13 March 15 August 21 September 5 September 10 Required: 190 units 550 units 1,930 units $45 per unit $43 per unit 805 units @ $70 per unit 740 units $70 per unit 1,545 units

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transacti Units Sold at Retail Activities Beginning inventory Purchase Units Acquired at Cost 600 units @ $40 per unit 400 units $37 per unit Purchase 190 units $15 per unit Sales Purchase Purchase Sales Totals Date January 11 February 10 March 13 March 15 August 21 September 5 September 10 Required: 190 units 550 units 1,930 units $45 per unit $43 per unit 805 units @ $70 per unit 740 units $70 per unit 1,545 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 transacti Units Sold at Retail Date January 1 February 10 March 13 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units $15 per unit March 15 August 21 Purchase Purchase September 5 September 10 Sales Totals Required: 190 units $45 per unit 550 units @ $43 per unit 1,930 units 805 units @ $70 per unit 740 units @ $70 per unit 1,545 units
Transcribed Image Text:Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transacti Units Sold at Retail Date January 1 February 10 March 13 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units $15 per unit March 15 August 21 Purchase Purchase September 5 September 10 Sales Totals Required: 190 units $45 per unit 550 units @ $43 per unit 1,930 units 805 units @ $70 per unit 740 units @ $70 per unit 1,545 units
Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Sales Less: Cost of goods sold Gross profit $ FIFO 0 $ LIFO 0 Weighted Average $ Specific Identification 0 $ 0
Transcribed Image Text:Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Sales Less: Cost of goods sold Gross profit $ FIFO 0 $ LIFO 0 Weighted Average $ Specific Identification 0 $ 0
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