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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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