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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 Sold at Retail Jan. 1 Beginning inventory 700 units @ $40.00 per unit Feb. 10 Purchase 450 units @ $37.00 per unit Mar. 13 Purchase 250 units @ $22.00 per unit Mar. 15 Sales 850 units @ $70.00 per unit Aug. 21 Purchase 200 units @ $45.00 per unit Sept. 5 Purchase 600 units @ $41.00 per unit Sept. 10 Sales 800 units @ $70.00 per unit Totals 2,200 units 1,650 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 700 units from beginning inventory, 250 from the February 10 purchase, 250 from the March 13 purchase, 100 from the August 21 purchase, and 350 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.) (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Ending Inventory $ 22,550 $ 22,000 $ 20,938 $ 24,250 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) FIFO LIFO $ 115,500 $ Sales Less: Cost of goods sold Gross profit Weighted Specific Average Identification 115,500 115,500 $ 115,500 83,750 62,812 83,750 31,750 $ 52,688 $ 31,750 $ 115,500 $

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