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Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00 Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 August 21 September 5 Sales Purchase Purchase September 10 Sales Total's Units Acquired at Cost 630 units @ $50 per unit 370 units $46 per unit 100 units @ $34 per unit 160 units @ $55 per unit 520 units @ $51 per unit 1,780 units Units Sold at Retail 740 units @ $75 per unit 680 units @ $75 per unit 1,420 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase.)

Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00 Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 August 21 September 5 Sales Purchase Purchase September 10 Sales Total's Units Acquired at Cost 630 units @ $50 per unit 370 units $46 per unit 100 units @ $34 per unit 160 units @ $55 per unit 520 units @ $51 per unit 1,780 units Units Sold at Retail 740 units @ $75 per unit 680 units @ $75 per unit 1,420 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00
Transcribed Image Text:Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 August 21 September 5 Sales Purchase Purchase September 10 Sales Total's Units Acquired at Cost 630 units @ $50 per unit 370 units $46 per unit 100 units @ $34 per unit 160 units @ $55 per unit 520 units @ $51 per unit 1,780 units Units Sold at Retail 740 units @ $75 per unit 680 units @ $75 per unit 1,420 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase.)
Transcribed Image Text:Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory February 10 Purchase March 13 Purchase March 15 August 21 September 5 Sales Purchase Purchase September 10 Sales Total's Units Acquired at Cost 630 units @ $50 per unit 370 units $46 per unit 100 units @ $34 per unit 160 units @ $55 per unit 520 units @ $51 per unit 1,780 units Units Sold at Retail 740 units @ $75 per unit 680 units @ $75 per unit 1,420 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units 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 630 units from beginning inventory, 270 from the February 10 purchase, 100 from the March 13 purchase, 110 from the August 21 purchase, and 310 from the September 5 purchase.)
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