[FINESSE]

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2008 purchases and sales transactions.




Date
Activities
Units Acquired at Cost
Units Sold at Retail

Jan. 1
Beginning inventory

600 units
@ $45/unit




Feb. 10
Purchase

350 units
@ $42/unit




Mar. 13
Purchase

200 units
@ $29/unit




Mar. 15
Sales




600 units
@ $75/unit

Aug. 21
Purchase

150 units
@ $50/unit




Sept. 5
Purchase

545 units
@ $46/unit




Sept. 10
Sales




650 units
@ $75/unit


Totals

1,845 units


1,250 units



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Requirement 1:

Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.)


Cost of goods available for sale
$



Number of units available for sale (units)




Compute the number of units in ending inventory.


Ending Inventory (units)



Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification (Note: The units sold consist of 500 units from beginning inventory, 300 units from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase and 200 from the September 5 purchase, and), (d) weighted average. (Cost of goods sold equals the number of units sold multiplied by the per unit cost, rounded to the nearest cent. The inventory balance equals the number of units remaining multiplied by the per unit cost, rounded to the nearest cent. Round your answer to the nearest dollar amount. Round your average cost per unit to 3 decimal places. Total cost of goods sold plus ending inventory may not be equal to the cost of goods available for sale. The difference is due to rounding.


(a)
FIFO


Cost of goods available for sale
$


Cost of sales



Ending Inventory
$



(b)
LIFO


Cost of goods available for sale
$


Cost of sales



Ending Inventory
$



(c)
Specific Identification


Cost of goods available for sale
$


Cost of Sales
$


Ending Inventory
$



(d)
Weighted Average


Cost of goods available for sale
$


Cost of Sales
$


Ending Inventory
$

[stantons]

How do you figure ending inventory using the specific identification method? Also what is the answer to the online question above?

[Rochelle Lyle]

Montoure company uses a perpetual inventory system. It entered into the following calendar year