Reference no: EM131222549
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions.
Jan. 1. Beginning inventory 660 units at $ 55 per unit
Feb. 10. Purchase 330 units at $ 52 per unit
Mar. 13. Purchase 110 units at $ 40 per unit
Mar. 15. Sales 780 units at $ 75 per unit
Aug. 21. Purchase 140 units at $ 60 per unit
Sept. 5. Purchase 420 units at $ 56 per unit
Sept. 10. Sales 560 units at $ 75 per unit
Totals 1,660 units 1,340 units
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 660 units from beginning inventory, 230 from the February 10 purchase, 110 from the March 13 purchase, 90 from the August 21 purchase, and 250 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Then, compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.)
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