Montoure Company Use x https://newconnect.mheducation.com/flow/connect.html - Yo
ID: 2553073 • Letter: M
Question
Montoure Company Use x https://newconnect.mheducation.com/flow/connect.html - You received par Problem 6-4AA Periodic: Alternative cost flows LO P3 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and salies Units Acquired at Cost 610 units e $40.00 per unit 405 unitse $37.00 per unit 205 units e $22.08 per unit Dan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 805 units $70.00 per unit 110 units $45.00 per unit 510 units $41.00 per unit 620 units e $70.00 per unit 1,425 units Totals 1,840 units Required: 1. Compute cost of goods available for sale and the number of units available for sale Cost of goods available for sale S 69.755Explanation / Answer
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
405
37
14985
13-Mar
purchase
205
22
4510
21-Aug
purchase
110
45
4950
5-Sep
purchase
510
41
20910
total units
1840
69755
weighted average cost
total cost/no of units
69755/1840
37.91
total no of units
1840
no. of units sold
805+620
1425
units in year end inventory
415
cost of year end inventory using weighted average cost
no of units in year end inventory*weighted average cost
415*37.91
15732.65
cost of year end inventory using specific identification
date
units
price
unit* price
10-Feb
110
37
4070
21-Aug
55
45
2475
5-Sep
250
41
10250
total
415
16795
cost of year end inventory using specific identification
16795
cost of goods sold using FIFO
No of units sold
1425
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
405
37
14985
13-Mar
purchase
205
22
4510
21-Aug
purchase
110
45
4950
5-Sep
purchase
95
41
3895
total
1425
52740
cost of goods sold using FIFO
52740
cost of goods sold using LIFO
No of units sold
1425
date
explanation
units
price
unit*price
5-Sep
purchase
510
41
20910
21-Aug
purchase
110
45
4950
13-Mar
purchase
205
22
4510
10-Feb
purchase
405
45
18225
1-Jan
beginning inventory
195
40
7800
total
1425
56395
cost of goods sold using FIFO
56395
cost of goods sold
no of units sold*weighted average price
1425*37.91
54021.75
cost of goods sold using special identification
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
295
45
13275
13-Mar
purchase
205
22
4510
21-Aug
purchase
55
45
2475
5-Sep
purchase
260
41
10660
total
1425
55320
cost of goods sold using special identification
55320
FIFO
LIFO
weighted average cost
Specific identification
sales
99750
99750
99750
99750
cost of goods sold
52740
56395
54021.75
55320
gross profit
47010
43355
45728.25
44430
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
405
37
14985
13-Mar
purchase
205
22
4510
21-Aug
purchase
110
45
4950
5-Sep
purchase
510
41
20910
total units
1840
69755
weighted average cost
total cost/no of units
69755/1840
37.91
total no of units
1840
no. of units sold
805+620
1425
units in year end inventory
415
cost of year end inventory using weighted average cost
no of units in year end inventory*weighted average cost
415*37.91
15732.65
cost of year end inventory using specific identification
date
units
price
unit* price
10-Feb
110
37
4070
21-Aug
55
45
2475
5-Sep
250
41
10250
total
415
16795
cost of year end inventory using specific identification
16795
cost of goods sold using FIFO
No of units sold
1425
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
405
37
14985
13-Mar
purchase
205
22
4510
21-Aug
purchase
110
45
4950
5-Sep
purchase
95
41
3895
total
1425
52740
cost of goods sold using FIFO
52740
cost of goods sold using LIFO
No of units sold
1425
date
explanation
units
price
unit*price
5-Sep
purchase
510
41
20910
21-Aug
purchase
110
45
4950
13-Mar
purchase
205
22
4510
10-Feb
purchase
405
45
18225
1-Jan
beginning inventory
195
40
7800
total
1425
56395
cost of goods sold using FIFO
56395
cost of goods sold
no of units sold*weighted average price
1425*37.91
54021.75
cost of goods sold using special identification
date
explanation
units
price
unit*price
1-Jan
beginning inventory
610
40
24400
10-Feb
purchase
295
45
13275
13-Mar
purchase
205
22
4510
21-Aug
purchase
55
45
2475
5-Sep
purchase
260
41
10660
total
1425
55320
cost of goods sold using special identification
55320
FIFO
LIFO
weighted average cost
Specific identification
sales
99750
99750
99750
99750
cost of goods sold
52740
56395
54021.75
55320
gross profit
47010
43355
45728.25
44430
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.