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Montoure Company uses a perpetual inventory system. It enteredinto the following calendar-year 2013 purchases and salestransactions.

Date Activities Units Acquired at Cost Units Sold atRetail
Jan. 1 Beginning inventory 600 units @ $ 60/unit
Feb. 10 Purchase 480 units @ $ 57/unit
Mar. 13 Purchase 120 units @ $ 42/unit
Mar. 15 Sales 785 units @ $ 80 /unit
Aug. 21 Purchase 180 units @ $ 65/unit
Sept. 5 Purchase 470 units @ $ 63/unit
Sept. 10 Sales 650 units @ $ 80 /unit



Totals 1,850 units 1,435 units

Compute the cost assigned to ending inventory using (a)FIFO, (b) LIFO, (c) weighted average, and(d) specific identification. For specific identificationunits sold consist of 600 units from beginning inventory, 380 fromthe February 10 purchase, 120 from the March 13 purchase, 130 fromthe August 21 purchase, and 205 from the September 5 purchase.(Round your average cost per unit to 2 decimalplaces.)

Compute gross profit earned by the company for each of the fourcosting methods. (Round your average cost per unit to 2decimal places.)

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Jarrod Robel
Jarrod RobelLv2
28 Sep 2019

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Montoure Companyuses a perpetual inventory system. It entered into the followingcalendar-year 2013 purchases and sales transactions.


Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 700 units @ $ 50 /unit
Feb. 10 Purchase 300 units @ $ 46 /unit
Mar. 13 Purchase 100 units @ $ 40 /unit
Mar. 15 Sales 780 units @ $ 70 /unit
Aug. 21 Purchase 110 units @ $ 55 /unit
Sept. 5 Purchase 570 units @ $ 52 /unit
Sept. 10 Sales 680 units @ $ 70 /unit
Totals 1,780 units 1,460 units

1.

Compute cost ofgoods available for sale and the number of units available forsale.


2. Compute the number of units in ending inventory.



3.

Compute the costassigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification units sold consist of 700 units frombeginning inventory, 200 from the February 10 purchase, 100 fromthe March 13 purchase, 60 from the August 21 purchase, and 400 fromthe September 5 purchase. (Round your average cost per unit to 2 decimal places.)

4.

Compute grossprofit earned by the company for each of the four costing methods.(Round your average cost per unit to 2 decimalplaces.)


Problem 6-2A: Alternative cost flows—perpetualL.O.P1

Marlow Company uses aperpetualinventory system. It entered into the followingcalendar-year 2009purchases and sales transactions.


Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan. 1

Beginning inventory

770 units

@ $50/unit

Feb. 10

Purchase

420 units

@ $41/unit

Mar. 13

Purchase

260 units

@ $25/unit

Mar. 15

Sales

770 units

@ $75/unit

Aug. 21

Purchase

180 units

@ $49/unit

Sept. 5

Purchase

585 units

@ $42/unit

Sept. 10

Sales

650 units

@ $75/unit

Totals

2,215 units

1,420 units

Requirement 1:

Compute cost of goods available for sale andthenumber of units available for sale. (Omit the "$" signinyour response.)

Cost of goods available for sale

$

Number of units available for sale

units

Required information

Problem 6-1A Perpetual: Alternative cost flows LO P1

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

100

units

@ $50.00 per unit

Mar.

5

Purchase

400

units

@ $55.00 per unit

Mar.

9

Sales

420

units

@ $85.00 per unit

Mar.

18

Purchase

120

units

@ $60.00 per unit

Mar.

25

Purchase

200

units

@ $62.00 per unit

Mar.

29

Sales

160

units

@ $95.00 per unit

Totals

820

units

580

units

3. Compute the cost assigned to endinginventory using (a) FIFO, (b) LIFO, (c)weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 unitsfrom beginning inventory and 340 units from the March 5 purchase;the March 29 sale consisted of 40 units from the March 18 purchaseand 120 units from the March 25 purchase.

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using FIFO.

Perpetual FIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

$0.00

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using LIFO.

Perpetual LIFO:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Perpetual FIFO

Weighted

Complete this questions by entering your answers in thebelow tabs.

Perpetual FIFO

Perpetual LIFO

Weighted Average

Specific Id

Compute the cost assigned to ending inventory using weightedaverage. (Round your average cost per unit to 2 decimalplaces.)

Weighted Average Perpetual:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

Average

March 9

March 18

Average

March 25

March 29

Totals

$0.00

Perpetual LIFO

Compute the cost assigned to ending inventory using specificidentification. For specific identification, the March 9 saleconsisted of 80 units from beginning inventory and 340 units fromthe March 5 purchase; the March 29 sale consisted of 40 units fromthe March 18 purchase and 120 units from the March 25 purchase.

Specific Identification:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

March 1

100

@

$50.00

=

$5,000.00

March 5

March 9

March 18

March 25

March 29

Totals

$0.00

Weighted Average

Sp

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