Question

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.



2. Compute the number of units in ending inventory.

Business   Accounting   
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Answer #1
units per unit total
1-Jan Beginning inventory 600 40 24000
10-Feb purchases 400 37 14800
13-Mar purchases 190 15 2850
21-Aug purchases 190 45 8550
5-Sep purchases 550 43 23650
total 1930 73850
Required
1) cost of goods available for sale 73850
number of units available for sale 1,930 units
2) number of units in ending inventory 385 units
(1930 - 1,545)
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