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(Solution Download) Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2013


 

 

 

 

 

 

 

Montoure Company uses a perpetual inventory system. It entered

 

into the following calendar-year 2013 purchases and sales

 

transactions.

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Activities

 

Units Acquired at Cost

 

Units Sold at Retail

  Jan.1  Beginning

 

inventory

580units@$40/unit
  Feb.10  Purchase420units@$38/unit
  Mar.13  Purchase180units@$25/unit
  Mar.15  Sales755units@$70/unit
  Aug.21  Purchase190units@$45/unit
  Sept.5  Purchase560units@$41/unit
  Sept.10  Sales750units@$70/unit
  
  Totals1,930units1,505units
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 580 units from beginning inventory, 320 from

 

the February 10 purchase, 180 from the March 13 purchase, 140 from

 

the August 21 purchase, and 285 from the September 5 purchase.

 

(Round your average cost per unit to 2 decimal

 

places.)

 

 

      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

 

Compute gross profit earned by the company for each of the four

 

costing methods. (Round your average cost per unit to 2

 

decimal places.)

 

 


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