Saved Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases...
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Saved Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Mats Soldat Retail 670 units 570.00 per unit Feb. 10 Purchase 435 units @ $67.00 per unit Mar. 13 Purchase 235 units @ $52.00 per unit Mar. 15 Sales 835 units $100,00 per unit Aug. 21 Purchase 170 units 375.00 per unit Sept. 5 Purchase 570 units @ $71.00 per unit Sept. 10 Sales 740 units $100.00 per unit Totals 2,080 units 1.575 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. (1) UFO. (c) weighted average, and (c) specific identification For specific identification units sold consist of 670 units from beginning inventory, 265 from the February 10 purchase, 235 from the March 13 purchase, 85 from the August 21 purchase, and 320 from the September 6 purchase 4. Compute gross profiteamed by the company for each of the four costing methods. Complete this question by entering your answers in the tabs below
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