Question

correct the mistakes

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 668 units @ $55 per unit 330 units @ $52 per unit 110 units@ $40 per unit 780 units @ $75 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 1e Sales Totals 140 units @ $60 per unit 420 units@ $56 per unit 560 units@ $75 per unit 1,340 units 1,660 units

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Answer 1

Montoure FIFO Perpetual Balance Purchase Per unit cost Total Cost Units Date Jan-01 Feb-10 Cost of goods sold Units Per unit cost Total Cost Units 660 Per unit cost Total Cost 55 36300 55 36300 330 52 17160 660 330 52 17160 Mar-13 110 40 4400 660 55 36300 330 52 17160 4400 110 40 Mar-15 660 55 36300 210 52 120 52 6240 110 40 10920 4400 10920 4400 Aug-21 140 60 8400 210 52 110 40 140 60 Sep-05 420 56 23520 210 52 8400 10920 4400 8400 110 40 140 60 420 56 23520 Sep-10 210 52 10920 320 56 17920 110 40 4400 140 60 8400 100 56 5600 Sep-30 320 56 17920 Purchases 53480 COGS | 71860 71860 Ending 17920 LIFO Perpetual Purchase Per unit cost Total Cost Cost of goods sold Units Per unit cost Total Cost Units Units Date Jan-01 Feb-10 Balance Per unit cost Total Cost 55 36300 660 330 52 17160 660 55 36300 330 52 17160 Mar-13 110 40 4400 660 55 36300 330 52 17160 110 40 4400 17600 Mar-15 110 40 4400 320 55 330 52 17160 18700 340 55 Aug-21 140 60 8400 320 55 17600 8400 140 60 Sep-05 420 56 23520 320 55 140 60 17600 8400 23520 420 56 Sep-10 420 56 320 55 17600 23520 8400 140 60 Sep-30 320 55 17600 Purchases 53480 COGS 72180 Ending 17600

Weighted Average Purchase Per unit cost Total Cost Units Date Jan-01 - Feb-10 Cost of goods sold Units Per unit cost Total Cost Units 660 Balance Per unit cost Total Cost 55 36300 55 36300 330 52 17160 660 52 17160 330 990 54 53460 Mar-13 110 40 4400 990 54 53460 110 40 4400 1100 57860 Mar-15 780 52.6 41028 320 52.6 52.6 52.6 16832 16832 Aug-21 140 60 8400 320 140 60 8400 25232 460 54.85 Sep-05 420 56 23520 460 54.85 56 25232 23520 420 880 48752 55.4 55.4 560 55.4 31024 320 Sep-10 Sep-30 17728 17728 320 55.4 Purchases 53480 COGS 72052 Ending 17728 Specific Identification Purchase Cost of goods sold Date Units Per unit cost Total Cost Units Per unit cost Total Cost Units Jan-01 660 Feb-10 330 52 17160 660 Balance Per unit cost Total Cost 55 36300 55 36300 330 52 17160 Mar-13 110 40 4400 660 55 36300 330 52 17160 110 40 4400 Mar-15 660 55 36300 210 52 10920 120 52 6240 110 40 4400 10920 Aug-21 140 60 8400 210 52 110 40 4400 8400 140 60 Sep-05 420 56 23520 210 52 10920 4400 110 40 140 60 420 56 8400 23520 5200 3000 Sep-10 110 52 5720 100 52 110 40 50 60 4400 5400 90 60 170 56 9520 250 56 14000 Sep-30 52 5200 100 50 170 60 3000 9520 56 Purchases 53480 COGS 72060 Ending 17720

LIFO 100500 FIFO Sales 100500 Less:COGS -71860 Gross Profit 28640 Weighted Specific Average Identification 100500 100500 -72052 -72060 28448 28440 -72180 28320