fbpx

Perpetual Inventory System Assignment | Top Universities

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit $70 per unit 570 unit 1.305 units 1.670 units Required: 1. Compute the 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
Top Universities
3. Compute the cost assigned to ending inventory using (a) FIFO. () LIFO. (weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific ld Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased of Cost per units unit Cost of Goods Sold cost per cost of Goods Sold Date of units sold Inventory Balance Cost per Inventory of units unit Balance 20 $45.00 27,000.00 Mart. Get Accounting Homework Help Today

Don't use plagiarized sources. Get Your Assignment on
Perpetual Inventory System Assignment | Top Universities
Just from $13/Page
Order Now
Calculate your paper price

Pages(550 words)

Approximate price:-