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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 620 units @ $45 per unit
Feb. 10 Purchase 310 units @ $42 per unit
Mar. 13 Purchase 120 units @ $30 per unit
Mar. 15 Sales 770 units @ $85 per unit
Aug. 21 Purchase 190 units @ $50 per unit
Sept. 5 Purchase 520 units @ $48 per unit
Sept. 10 Sales 710 units @ $85 per unit
Totals 1,760 units 1,480 units


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



2. Compute the number of units in ending inventory.

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Answer #1

Cost of Goods available for sale

(620*45)+(310*42)+(120*30)+(190,50)+(520*48)+(

 79,980
Number of units available for sale 1760

2.

Units in ending inventory = Units available for sale - Units sold

= 1760 - 1480

= 280

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