Question

Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Acquired at Cost Units Sold at Retail 660 units @ $35 per unit 330 units@ $32 per unit 110 units @ $20 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 760 units @ $75 per unit 180 units @ $40 per unit 570 units @ $36 per unit 750 units @ $75 per unit 1,510 units 1,850 units Required:

Answer 1

Romak Stores redger | under FIFO Methods : Cost of Goods Sold Balance Shy Rate / Amount Rate Amount Sato From Jan 1 burchove sty Rate ($ 98 Amount opening Balance 35.10 23100 Febio 9 30 32.00 10560 Mar 13 T 110 20.00 2200 Mar 15 Aug 21 6607 35.00 23100 7 3303 22.00 TO S60 6607 35.00 231007 330 32.00 10560 6607 35.00 23100 7430 110 20.00 2200 100 92.00 32001 2301 32.0073601 20.00 2200 32.00 43601 IO. 9.000 22.00 40.00 7990 230) 32.00 4360 70.00 2200 40.00 7200 2307 32.00 73607 570 36.0020 52.0 110 150 20.00 2200 25040 180 1 40.00 T200 ! 340 36.00 12240 230.) 36.00 8280 180 40.00 $200 Sept 5 570 36.00 20520 Sept 10 closing Stock

Remarks Purchase Porte Amount Sty sty. Stereo hedger Lunder rucighted Average Method] Cost of Goods Sold Balance Amoun t y opening 660 Balance 33660 990 35860 1100 35-00 23100 Jan 1 Feb 10 330 3200 10560 Plar13 110 20.00 2200 840 - 11084 32.60 24776 760 Mar 15 520 18284 Aug 21 Sept 5 180 570 40.00 7200 36.00 20520 1090 138804 750 35.60 26700 340 - 112104 Closir Istoe Sept 10 1 rate is issue of for the Date 15th March 35860 39.60. 1100 2884 Sonia

sate Jan 1 Feblo Mar13 Mar 15 Stores Ledger [undes LIFO Method] Purchase Cost of Goods Sold I Balance uxo marks Sty Regte Amount & ory. Rate Amount oly.. Rorte Amount 660 35.00 23100 paring Balance 330 32.00 10560 660 35.00 23100- 330 32.00 10560_ 110 20.00 2200 6603 35.00 23100 330 32.00 10560 20.00 | 2200 1101 20.00 20001 940 35.00 11900 330 460 32.00 105602390 3200 35.00 112001 3407 35.00 119007 180 40.00 7200 40.00 4200 J 570 36.00 20520 9401 35.00 11900 180 40.00 72001 58 36.00 20520 750 closing 20 ) 135.00 340 11900 Balance Aug 21 / Sept5 Sept 10 570 120 36.00 205207 180. 40.00 4200 327720

Gate I Purchase Romanus Sty , Rege Arnarunt Stereo hedgero Cunders Specefee Identification) Cost of Gerods sold Balance sity. Rate | Amorent, Ohy. I Rorte Amount 660 35.00 23100 35.00 23100 I Jaw $1 - opening Balance 660 Feblo 330 32.00 10560 230 32-10 7360 100 32.00 3200 11) 100 132.00 3200 2200 March 13 110 20.00 110 20.00 22:00 5200 40.00 5200 40.00 Aug 21/1180 7200 130 1001 50 32.00 3200 140.00 | 2000 Sep 5 570 3600 20520 380 36.00 | 13680 5o. 132.00 13200 7 1:40.00/2000 36.00 6840 190 = 12040 el

FIFO LIFO weighted Average $113250 #113250 specife Identite 113250 Sales. $113250 $51680 $51476 $51540 A cast of Goode $51340 sold $61710 $61570 $61774 Gross prefit $61910