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4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal olaces.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification

4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal olaces.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...
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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units @ $15 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Required: Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 190 units @ $45 per unit 550 units @ $43 per unit 1,930 units Units Sold at Retail 805 units @ $70 per unit 740 units @ $70 per unit 1,545 units
Transcribed Image Text:Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units @ $15 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Required: Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 190 units @ $45 per unit 550 units @ $43 per unit 1,930 units Units Sold at Retail 805 units @ $70 per unit 740 units @ $70 per unit 1,545 units
4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification
Transcribed Image Text:4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification
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