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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 600 units @ $40 per unit
Feb. 10 Purchase 400 units @ $37 per unit
Mar. 13 Purchase 190 units @ $15 per unit
Mar. 15 Sales 805 units @ $70 per unit
Aug. 21 Purchase 190 units @ $45 per unit
Sept. 5 Purchase 550 units @ $43 per unit
Sept. 10 Sales 740 units @ $70 per unit
Totals 1,930 units 1,545 units


Required:
1. Compute cost of goods available for sale and the number of units available for sale.

Cost of goods available for sale
Number of units available for sale units



2. Compute the number of units in ending inventory.

Ending inventory units
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Answer #1

1) compute cost of goods available for sale and number of units available for sale

Date particular units × per unit amount
Jan 1 beginning inventory 600×$40 $24000
Feb10 purchases 400×$37 $14800
March 13 purchases 190×$15 $2850
Aug 21 purchases 190×$45 $8550
Sept 10 purchases 550¶$43 $23650

Cost of goods available for sale ($24000+$14800+$2850+$8550+$23650) = $73850

No of units available for sale = (600+400+190+190+550) = 2030units

2) ending inventory units

No of units available for sale - units sold = ending inventory units

Ending inventory = 2030 units - 1545 units = 485 units

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