Problem 5-4AA Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic inventory syst

Problem 5-4AA Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic inventory syst

Problem 5-4AA Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 680 units $75.00 per unit 440 units@ $72.00 per unit 240 units $57.00 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 840 units @ $105.00 per unit 180 units 580 units $80.00 per unit $76.00 per unit 760 units @ $105.00 per unit 1,600 units 2,120 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 units 2. Compute the number of units in ending inventory. Ending inventory 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 680 units from beginning inventory, 260 from the February 10 purchase, 240 from the March 13 purchase, 90 from the August 21 purchase, and 330 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 1

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