Homework Help is Here – Start Your Trial Now!
Business
Accounting
es Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Units Acquired at Cost @ $45.00 per unit @$42.00 per unit $27.00 per unit. Purchase Sales Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 605 units 410 units 205 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 105 units 505 units units (a) FIFO (b) LIFO 1,830 units 2. Compute the number of units in ending inventory. units @$50.00 per unit @ $46.00 per unit Ending Inventory Units Sold at Retail 820 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 610 units @ $75.00 per unit. 1,430 units

es Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Units Acquired at Cost @ $45.00 per unit @$42.00 per unit $27.00 per unit. Purchase Sales Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory 605 units 410 units 205 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 105 units 505 units units (a) FIFO (b) LIFO 1,830 units 2. Compute the number of units in ending inventory. units @$50.00 per unit @ $46.00 per unit Ending Inventory Units Sold at Retail 820 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 610 units @ $75.00 per unit. 1,430 units

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
See similar textbooks
icon
Related questions
Topic Video
Question

Foc

ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Purchase Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Sales Purchase Purchase Sales. Totals Cost of goods available for sale Number of units available for sale Ending inventory Units Acquired at Cost 605 units 410 units 205 units units (a) FIFO (b) LIFO CH 105 units. 505 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 1,830 units 2. Compute the number of units in ending inventory. units Ending Inventory @ $45.00 per unit @ $42.00 per unit @ $27.00 per unit @ $50.00 per unit @$46.00 per unit. Units Sold at Retail. 820 units 610 units 1,430 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. @ $75.00 per unit
Transcribed Image Text:ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Beginning inventory Purchase Purchase Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Sales Purchase Purchase Sales. Totals Cost of goods available for sale Number of units available for sale Ending inventory Units Acquired at Cost 605 units 410 units 205 units units (a) FIFO (b) LIFO CH 105 units. 505 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 1,830 units 2. Compute the number of units in ending inventory. units Ending Inventory @ $45.00 per unit @ $42.00 per unit @ $27.00 per unit @ $50.00 per unit @$46.00 per unit. Units Sold at Retail. 820 units 610 units 1,430 units @ $75.00 per unit 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 605 units from beginning inventory, 305 from the February 10 purchase, 205 from the March 13 purchase, 55 from the August 21 purchase, and 260 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. @ $75.00 per unit
Expert Solution
steps

Step by step

Solved in 6 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS