![]() ![]() (For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.) DateĬompute cost of goods available for sale and the number of units available for sale.Ĭompute the number of units in ending inventory.Ĭompute the cost assigned to ending inventory using ( a) FIFO, ( b) LIFO, ( c) weighted average, and ( d) specific identification. ![]() It entered into the following calendar-year purchases and sales transactions. Montoure Company uses a perpetual inventory system. Compute gross profit earned by the company for each of the four costing methods in part 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ![]() Compute the number of units in ending inventory. Compute cost of goods available for sale and the number of units available for sale.Mar. 5 Purchase … … … Mar. 9 Sales … … … Mar. 18 Purchase … … … Mar. 25 Purchase … … … Mar. 29 Sales … … … Totals … … … 820 units 580 units \begin\\ĭate Apr. 1 Apr. 6 Apr. 9 Apr. 17 Apr. 25 Apr. 30 Activities Beginning inventory ……… Purchase ……… Sales ……… Purchase ……… Purchase ……… Sales ……… Total ……… Units Acquired at Cost 65 units Units Sold at Retail 60 units ![]() (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.)ĭate Activities Units Acquired at Cost … … … Units Sold at Retail Mar. 1 Beginning inventory … … …. It entered into the following purchases and sales transactions for March. 5 Sales Oct.Warnerwoods Company uses a perpetual inventory system. 1 Beginning Inventory $ 2,000 Jan. 10 Sales Mar.14 Purchase 5,250 Mar. 15 Sales July 30 Purchase 9,000 Oct. reported the following current-year purchases and sales for its only product.ĭate Activities Units Acquired at Cost Units Sold at Retail Jan. ![]()
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