Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Units Sold at Retail Activities Beginning inventory February 10 March 13 Purchase Purchase March 15 Sales August 21 September 5 Purchase Purchase September 10 Sales Totals Units Acquired at Cost 600 units @ $40 per unit 400 units @$37 per unit 190 units @$15 per unit 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 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units

Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Units Sold at Retail Activities Beginning inventory February 10 March 13 Purchase Purchase March 15 Sales August 21 September 5 Purchase Purchase September 10 Sales Totals Units Acquired at Cost 600 units @ $40 per unit 400 units @$37 per unit 190 units @$15 per unit 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 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units

Name: Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1Montoure C
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Description: Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.DateActivitiesJanuary 1Beginning inventoryFebruary 10Purchase

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

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Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 540 units @ $55 per unit February 10 Purchase 460 units @ $53 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 745 units @ $80 per unit August 21 Purchase 170 units @ $61 per unit September 5 Purchase 430 units @ $54 per unit September 10 Sales 600 units @ $80 per unit Totals 1,700 units 1,345 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. 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 540 units from beginning inventory, 360 from the February 10…
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Question #7: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?$ b. What is the total cost of the ending inventory according to LIFO?$
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