Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales trans
Posted: Fri Jul 01, 2022 8:48 am
Montoure Company uses a periodic inventory system. It enteredinto the following calendar-year purchases and salestransactions.
Required:1. Compute cost of goods available for saleand the number of units available for sale.2. Compute the cost assigned to ending inventory using(a) FIFO, (b) LIFO, (c) weightedaverage, and (d) specific identification. For specificidentification units sold consist of 620 units from beginninginventory, 290 from the February 10 purchase, 210 from the March 13purchase, 60 from the August 21 purchase, and 270 from theSeptember 5 purchase. (Round your average cost perunit to 2 decimal places. Round your final answers to the nearestwhole dollar amount.)
3. Compute gross profit earned by the company for each ofthe four costing methods. (Round your average cost perunit to 2 decimal places. Round your final answers to the nearestwhole dollar amount.)
Required:1. Compute cost of goods available for saleand the number of units available for sale.2. Compute the cost assigned to ending inventory using(a) FIFO, (b) LIFO, (c) weightedaverage, and (d) specific identification. For specificidentification units sold consist of 620 units from beginninginventory, 290 from the February 10 purchase, 210 from the March 13purchase, 60 from the August 21 purchase, and 270 from theSeptember 5 purchase. (Round your average cost perunit to 2 decimal places. Round your final answers to the nearestwhole dollar amount.)
3. Compute gross profit earned by the company for each ofthe four costing methods. (Round your average cost perunit to 2 decimal places. Round your final answers to the nearestwhole dollar amount.)