Reference no: EM132594494
Question - Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.
Date Activities Units Acquired at Cost Units
Jan.1 Beginning inventory 720units@ $50.00 per unit
Feb.10 Purchase 460units@ $47.00 per unit
Mar.13 Purchase 260units@ $32.00 per unit
Mar.15 Sales 860units@ $80.00 per unit
Aug.21 Purchase 220units@ $55.00 per unit
Sept.5 Purchase 620units@ $51.00 per unit
Sept.10 Sales 920units@ $80.00 per unit
Totals 2,280units 1,780 units
Required -
1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.
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 720 units from beginning inventory, 240 from the February 10 purchase, 260 from the March 13 purchase, 110 from the August 21 purchase, and 450 from the September 5 purchase.
4. Compute gross profit earned by the company for each of the four costing methods.
5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?
LIFO
Weighted Average
FIFO
Specific Identification
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