Question

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 540 units @ $55,00 per unit 460 units @ $53 per unit 100 units @ $40 pe Mar. 13 Purchase unit Mar. 15 Sales 745 units @ $80 per unit 170 units @ $ 61 per unit Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 430 units @ $54 per unit 600 units @ $80 per unit Totals 1,700 units 1,345 units

Answer 1

Book1 - Microsoft Excel - X Page Layout Formulas Data Review View Calibri ♡ Accounting Home Insert * Cut La Copy Format Painter Clipboard - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * Paste - BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells K79 for =179*179 C А B D MC Dates Units Units sold Rate per unit Sales Price (B) Rate per unit 540 $ 460 $ 100 $ (A)*(B) Total 55.00 $ 53.00 $ 40.00 $ 29,700.00 24,380.00 4,000.00 Activites 01-Jan Beginning Inventory 10-Feb Purchases 13-Mar Purchases 15-Mar Sales 21-Aug Purchases 05-Sep Purchases 10-Sep Sales 745 $ 80.00 $ 59,600.00 170 $ 430 $ 61.00 54.00 $ 10,370.00 23,220.00 600 $ 1345 80.00 $ 48,000.00 $ 1,07,600.00 Total 1700 91,670.00 13 14 1) 91,670.00 1700 Cost of goods available for sale Number of units available for sales Ans 2) Ending Inventory=(Beginning Inventory+Purchases- Closing Inventorv)=(1700- Sheet1 Sheet2 Sheet3 Ready OD gp 100% ve ENG 0 15:29 25-02-2020 .

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ Accounting - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * Paste BI U - 99 % , o ... Insert Delete Format Format Painter Clipboard Conditional Format Formatting as Table Styles Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fx =179*179 K79 А 16 Ans 2) Ending Inventory=(Beginning Inventory+Purchases- Closing Inventory)=(1700- 1345) 17 2) 355 3(a) Ans 3) Total Date Quantity Beginning Inventory 10-02-2015 13-03-2015 15-03-2015 Purchases Unit cost 540 $ 460 $ 100 $ Montoure Company FIFO Perpetual Inventory Method Cost of goods sold Total Quantity Unit cost 55.00 $ 29,700.00 53.00 $ 24,380.00 40.00 $ 4,000.00 540 $ 205 $ 61.00 $ 10,370.00 55.00 $29,700.00 53.00 $10,865.00 Inventory on hand Quantity Unit cost Total 540 $ 55.00 $ 29,700.00 460 $ 53.00 $ 24,380.00 100 $ 40.00 $ 4,000.00 255 $ 53.00 $13,515.00 100 $ 40.00 $ 4,000.00 255 $ 53.00 $13,515.00 100 $ 40.00 $ 4,000.00 170 $ 61.00 $ 10,370.00 255 $ 53.00 $13,515.00 100 $ 40.00 $ 4,000.00 170 $ 61.00 $ 10,370.00 1201 c rnool200 on 21-08-2015 170 $ 05-09-2015 430 $ 54.00 $ 23,220.00 31 32 Sheet1 Sheet2 Sheet30 Ready OU 100% - 15:29 25-02-2020 5 0 gp ^ 0 ENG .

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ Accounting - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * Paste BI U - Insert Delete Format Conditional Format Formatting as Table Styles Format Painter Clipboard Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells K79 =179*179 Quantity Quantity Unit cost Total Quantity - f B Date Beginning Inventory 10-02-2015 13-03-2015 15-03-2015 Unit cost 540 $ 460 $ 100 $ Total 55.00 $ 53.00 $ 40.00 $ 29,700.00 24,380.00 4,000.00 540 $ 205 $ 55.00 $ 29,700.00 53.00 $10,865.00 21-08-2015 170 $ 61.00 $ 1.005 10,370.00 Unit cost Total 540 $ 55.00 $ 29,700.00 460 $ 53.00 $ 24,380.00 100 $ 40.00 $ 4,000.00 2551 $ 53.00 $13,515.00 100 $ 40.00 $ 4,000.00 255 $ 53.00 $13,515.00 1001 $ 40.00 $ 4,000.00 170 $ 61.00 $ 10,370.00 255 $ 53.00 $13,515.00 1001 $ 40.00 $ 4,000.00 170 $ 61.00 $ 10,370.00 430 $ 54.00 $ 23,220.00 05-09-2015 430 $ 54.00 $ 23,220.00 10-09-2015 255 $ 1001 $ 170 $ 75 $ 1345 53.00 $13,515.00 40.00 $ 4,000.00 61.00 $10,370.00 54.00 $ 4,050.00 $72,500.00 355 $ 355 $ 54.00 $ 19,170.00 54.00 $ 19,170.00 1700 61,970.00 40 41 42 3b) Montoure Company LIFO Perpetual Inventory Method Sheet1 Sheet2 Sheet3 Ready 100% + OD gp ^ 15:29 0 ENG NO 25-02-2020 5 W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General 12 - AA ->-A - Wrap Text Merge & Center Autosum * 1 1 % , o 193 conditional foreningen som en BI U - Insert Delete Format Paste Format Painter Clipboard Conditional Format Formatting as Table Styles Cell Styles - 3 insert bere 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - fic B C D H J K62 ДА 41 42 3b) 43 44 45 Date Quantity Beginning Inventory 10-02-2015 13-03-2015 15-03-2015 Purchases Unit cost 540 $ 460 $ 100 $ F G MC LIFO Perpetual Inventory Method Cost of goods sold Total Quantity Unit cost 55.00 $ 29,700.00 53.00 $ 24,380.00 40.00 $ 4,000.00 100 $ 460 $ 185 $ 65.00 $ 11,050.00 40.00 53.00 55.00 Inventory on hand Total Quantity Unit cost Total 540 $ 55.00 $ 29,700.00 460 $ 53.00 $ 24,380.00 100 $ 40.00 $ 4,000.00 4000 24380 10175 355 $ 55.00 $ 19,525.00 355 $ 55.00 $ 19,525.00 170 $ 65.00 $ 11,050.00 355 $ 55.00 $ 19,525.00 170 $ 65.00 $ 11,050.00 430 $ 63.00 $ 27,090.00 21-08-2015 170 $ 05-09-2015 430 $ 63.00 $ 27,090.00 10-09-2015) 430 $ 170 $ 63.00 65.00 27090 11050 355 $ 55.00 $ 19,525.00 61 1700 76695) 355 $ 55.00 $ 19,525.00 62 H S heet1 Sheet2 Sheet3 Ready DO op 100% U . 15:30 O ENG 25-02-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View en * Cut Copy Calibri ♡ AutoSum - A General 1 - Wrap Text Merge & Center 1 - 3 12 - AA ->-A Autosum * BI U - Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - fac K62 A 63 3c) 64 B C D G H | Date Quantity E F Weighted Perpetual Inventory Method Cost of goods sold Total Quantity 55.00 $ 29,700.00 53.00 $ 24,380.00 40.00 $ 4,000.00 Unit cost Total Purchases Unit cost 540 $ 460 $ 100 $ 01-Jan 10-Feb 13-Mar Total Balance 15-Mar 745 $ 52.80 $39,336.00 I J K (A) (B)=(C)/(A) (C) Inventory on hand Quantity Unit cost Total 540 $ 55.00 $ 29,700.00 460 $ 53.00 $ 24,380.00 100 $ 40.00 $ 4,000.00 1100 $ 52.80 $58,080.00 355 $ 52.80 $ 18,744.00 355 $ 52.80 $ 18,744.00 355 $ 52.80 $ 18,744.00 170 $ 61.00 $ 10,370.00 525 $ 55.46 $ 29,114.00 525 $ 55.46 $ 29,114.00 430 $ 54.00 $ 23,220.00 955 $ 54.80 $52,334.00 355 $ 54.80 $ 19,454.00 355 $ 54.80 $ 19,454.00 Toal Balance 21-Aug 170 $ 61.00 $ $ 10,370.00 os 5.00 20,370.00 23,220,00 Total Balance 05-Sep 430 $ 54.00 $ 23,220.00 Total Balance 10-Sep 600 $ 1345 54.80 $32,880.00 $ 72,216.00 Total Balance 1700 82 83 Weighted Average Method (Calculation of unit Cost) 11/1 Quantity Total Cost Unit Cost 1100 $ 58,080.00 $ Sheet30 Date 13th Mar Sheet1 Sheet2 84 Ke Ready 52.80 OD 100% ve - 0 15:30 25-02-2020 . W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * BI U - Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells K62 А D 80 81 Date 13th Mar 15th Mar 21st August 5th Sep 10th Sep Weighted Average Method (Calculation of unit Cost) 11/1 Quantity Total Cost Unit Cost 1100 $ 58,080.00 $ 355 $ 18,744.00 $ 525 $ 29,114.00 $ 955 $ 52,334.00 $ 355 $ 19,454.00 $ 86 52.80 52.80 55.46 54.80 54.80 89 3d) Specific Identification Method (C) (C) (A) Units available for Sale (A)-(B) Cost of goods sold (Given) (0)*(11) (B) (C) (B)*(C) Ending Inventory Ending Inventory Cost of good Units Cost per unit Cost 55.00 $29,700.00 0 53.00 $19,080.00 100 $ 53.00 $ 5,300.00 40.00 $ 4,000.00 61.00 $ 7,320.00 50 $ 61.00 $ 3,050.00 Cool 2.100 onl orlo rnon l.11.070.00 Units sold Date of Purchase January 1st February 10th March 13th August 21st Sheeti Sheet2 Sheet3 Activity Beginning Inventor Purchases Purchases Purchases Units Cost 540 $ 460 $ 100 $ Unit cost 540 $ 360 $ 100 $ 120$ 55.00 53.00 40.00 61.00 Cu 98 0 170 101 99 ** Ready O 100% + - 1 e * @ $ e o 15:30 25-02-2020 o

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * BI U - Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - fox B C F G K62 A 91 3d) 92 Specific Identification Method C) (W) (C) (A)-(B) Cost of goods sold Units available for Sale H I J (Given) (1)*(11) (B) (C) (B)*(C) Ending Inventory Ending Inventory Cost of good Units Cost per unit Cost 55.00 $29,700.00 53.00 $19,080.00 100 $ 53.00 $ 5,300.00 40.00 $ 4,000.00 0 61.00 $ 7,320.00 50 $ 61.00 $ 3,050.00 54.00 $12,150.00 205 $ 54.00 $ 11,070.00 $52,780.00 355 $ 19,420.00 Units sold Date of Purchase January 1st February 10th March 13th August 21st Septmber 5th Activity Units Beginning Inventory Purchases Purchases Purchases Purchases Total Units Cost 540 $ 460 $ 100 $ 170 $ 430 $ 1700 55.00 53.00 40.00 61.00 54.00 Unit cost 540 $ 360 $ 100 $ 120 $ 225$ 1345 FIFO Method LIFO Method Weighted Average Method Specific Identification Sales(Calculated beloy $ 1,07,600.00 $ 1,07,600.00 $ 1,07,600.00 $ 1,07,600.00 Cost of goods sold $ 72,500.00 $ 76,695.00 $ 72,216.00 $ 52,780.00 Gross Profit $ 35,100.00 $ 30,905.00 $ 35,384.00 $ 54,820.00 106 107 Date 108 109 110 We Ready Units 15-Mar Sheet3 Sales Price per unit Sales Price 745 $ 80.00 $ 59,600.00 Sheet1 Sheet2 100% ve 0 ENG + . 1 2 # * 9 @ $ O ^ e o gp 15:30 25-02-2020 5 W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General - Wrap Text Merge & Center 1 1 - 3 12 - AA ->-A Autosum * Paste BI U - Insert Delete Format Conditional Format Formatting as Table Styles Format Painter Clipboard Cell Styles 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells K62 - fic А 98 ol 99 March 13th August 21st Septmber 5th Purchases Purchases Purchases Total 100 $ 170 $ 430 $ 1700 40.00 61.00 54.00 100 $ 120 $ 225 $ 1345 40.00 61.00 54.00 $ 4,000.00 $ 7,320.00 $12,150.00 $52,780.00 100 50 $ 205 $ 355 61.00 $ 3,050.00 54.00 $ 11,070.00 $ 19,420.00 104 105 FIFO Method LIFO Method Weighted Average Method Specific Identification Sales(Calculated beloy $ 1,07,600.00 $ 1,07,600.00 $ 1,07,600.00 $ 1,07,600.00 Cost of goods sold $ 72,500.00 $ 76,695.00 $ 72,216.00 $ 52,780.00 Gross Profit $ 35,100.00 $ 30,905.00 $ 35,384.00 $ 54,820.00 106 107 108 109 Date Units 15-Mar 10-Sep Total Gross Profit=Sales-COGS Sales Price per unit Sales Price 745 $ 80.00 $ 600 $ 80.00 $ 13451 $ 59,600.00 48,000.00 1,07,600.00 112 115 116 117 118 119 Hi Ready Sheet1 Sheet2 Sheet3 O + 100% 15:30 NG 25-02-2020 W