Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.Units Sold at RetailDateJanuary 1February 10March 13March 15August 21September 5Units Acquired at Cost@$45.00 per unit@$42.00 per unit@$27.00 per unitSeptember 10ActivitiesBeginning inventoryPurchasePurchaseSalesPurchasePurchase(a) FIFO(b) LIFOSalesTotalsAnswer is not complete.EndingInventory(c) Weighted average(d) Specific identification$S$670 units540 units270 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold consist of 670 units from beginning inventory, 370 from the February 10 purchase, 270 from theMarch 13 purchase, 120 from the August 21 purchase, and 390 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.18,00018,40017,088170 units570 units2,220 units@ $50.00 per unit@$46.00 per unit1,080 units @ $75.00 per unit740 units @ $75.00 per unit1,820 units

In this question, we have to calculate the value of ending inventory using:FIFOLIFOWeighted Average,…

Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ S $ Units Acquired at Cost 18,000 18,400 17,088 670 units 540 units 270 units 170 units 570 units 2,220 units $45.00 per unit @$42.00 per unit $27.00 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. @ $50.00 per unit $46.00 per unit. 1,080 units 740 units 1,820 units @ $75.00 per unit @ $75.00 per unit

Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ S $ Units Acquired at Cost 18,000 18,400 17,088 670 units 540 units 270 units 170 units 570 units 2,220 units $45.00 per unit @$42.00 per unit $27.00 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 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 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. @ $50.00 per unit $46.00 per unit. 1,080 units 740 units 1,820 units @ $75.00 per unit @ $75.00 per unit

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...

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