Montoure Company uses a perpetual inventory system. It entered into the followin

Question

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Exclude Specilic Identification Date Date 1Jan Activities Units Acquired Units Sold Cost per Total Value Units Sales Price Units Unit er Unit Beginning Inventory 600 $45.00S2 400 $42.00 $16,800 10-Feb 13-Mar 15-Mar 21-Aug 5-Sep Purchase Purchase Sales Purchase Purchase Sales Totals 200 300$27.00 S5,400 800 $5,00000$75.00 $23,000 100 $50.00 500$46.00 10-Se 600 $75.00 1,800 S77,200 1,400

Explanation / Answer

Rreq 1: Cost of units available for sale: Date Activities Units CPU TOTAL 1-Jan Balance 600 45 27000 10-Feb Purchase 400 42 16800 13-Mar Purchase 200 27 5400 21-Aug Ppurchase 100 50 5000 5-Sep Purchase 500 46 23000 Total cost of goods available 77200 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 600 45 27000 10-Feb 400 42 16800 600 45 27000 400 42 16800 13-Mar 200 27 5400 600 45 27000 400 42 16800 200 27 5400 15-Mar 600 45 27000 200 42 8400 200 42 8400 200 27 5400 21-Aug 100 50 5000 200 42 8400 200 27 5400 100 50 5000 5-Sep 500 46 23000 200 42 8400 200 27 5400 100 50 5000 500 46 23000 10-Sep 200 42 8400 200 27 5400 100 50 5000 100 46 4600 400 46 18400 TOTAL 1200 50200 1400 58800 400 18400 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 600 45 27000 10-Feb 400 42 16800 600 45 27000 400 42 16800 13-Mar 200 27 5400 600 45 27000 400 42 16800 200 27 5400 15-Mar 200 27 5400 200 42 8400 400 42 16800 200 45 9000 200 45 9000 21-Aug 100 50 5000 200 45 9000 200 27 5400 100 50 5000 5-Sep 500 46 23000 200 45 9000 200 27 5400 100 50 5000 500 46 23000 10-Sep 500 46 23000 200 45 9000 100 50 5000 200 27 5400 TOTAL 1200 50200 1400 59200 400 14400 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 600 45 27000 10-Feb 400 42 16800 600 45 27000 400 42 16800 13-Mar 200 27 5400 600 45 27000 400 42 16800 200 27 5400 Average 1200 41 49200 15-Mar 800 41 32800 400 41 16400 21-Aug 100 50 5000 400 41 16400 100 50 5000 5-Sep 500 46 23000 400 41 16400 100 50 5000 500 46 23000 Average 1000 44.4 44400 10-Sep 600 44.4 26640 400 44.4 17760 TOTAL 1200 50200 1400 59440 400 17760 Gross Profit FIFO LIFO AVERAGE Sales 15-Mar 60000 60000 60000 10-Sep 45000 45000 45000 Total sales revenue 105000 105000 105000 COGS 58800 59200 59440 Gross Profit 46200 45800 45560

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.