## (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 580 units @ \$ 40 /unit Feb. 10 Purchase 420 units @ \$ 38 /unit Mar. 13 Purchase 180 units @ \$ 25 /unit Mar. 15 Sales 755 units @ \$ 70 /unit Aug. 21 Purchase 190 units @ \$ 45 /unit Sept. 5 Purchase 560 units @ \$ 41 /unit Sept. 10 Sales 750 units @ \$ 70 /unit Totals 1,930 units 1,505 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 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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