[removed] 1. value: 15.00 points Problem 5-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail   Jan. 1   Beginning inventory 600  units @ $ 35  per unit   Feb. 10   Purchase 300  units @ $ 32  per unit   Mar. 13   Purchase 150  units @ $ 20  per unit   Mar. 15   Sales 725  units @ $ 80  per unit   Aug. 21   Purchase 190  units @ $ 40  per unit   Sept. 5   Purchase 540  units @ $ 37  per unit   Sept. 10   Sales 730  units @ $ 80  per unit   Totals 1,780  units 1,455  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 600 units from beginning inventory, 200 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 365 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.) References eBook & Resources Worksheet Difficulty: 3 Hard Problem 5-3A Perpetual: Alternative cost flows LO P1 Learning Objective: 05-P1 Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. Check my work © 2016 McGraw-Hill Education. All rights reserved. .

1. [removed]
1.
value:
15.00 points
Problem 5-3A Perpetual: Alternative cost flows LO P1
Montoure Company uses a perpetual inventory system. It
entered into the following calendar-year 2015 purchases and
sales transactions.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
600
units
@
$
35
per unit
Feb.

2. 10
Purchase
300
units
@
$
32
per unit
Mar.
13
Purchase
150
units
@
$
20
per unit
Mar.

3. 15
Sales
725
units
@
$
80
per unit
Aug.
21
Purchase
190
units
@
$
40
per unit
Sept.

4. 5
Purchase
540
units
@
$
37
per unit
Sept.
10
Sales
730
units
@
$
80
per unit

5. Totals
1,780
units
1,455
units

6. 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

7. consist of 600 units from beginning inventory, 200 from the
February 10 purchase, 150 from the March 13 purchase, 140
from the August 21 purchase, and 365 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.)
References
eBook & Resources
Worksheet
Difficulty: 3 Hard
Problem 5-3A Perpetual: Alternative cost flows LO P1
Learning Objective: 05-P1 Compute inventory in a perpetual
system using the methods of specific identification, FIFO,
LIFO, and weighted average.
Check my work
©
2016 McGraw-Hill Education. All rights reserved.