Problem 6-4AA Periodic: Alternative cost flows LO P3

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

  
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.


  
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 790 units from beginning inventory, 205 from the February 10 purchase, 295 from the March 13 purchase, 145 from the August 21 purchase, and 520 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.)
  


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. Round your final answers to the nearest whole dollar amount.)

Problem 5-3A Perpetual: Alternative cost flows LO P1

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

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.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 200 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 365 from the September 5 purchase.

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.)

5. The company’s manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?

• Weighted Average

• FIFO

• Specific Identification

• LIFO

Montoure Company uses a periodic 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 790 units @ $85.00 per unit Feb. 10 Purchase 495 units @ $82.00 per unit Mar. 13 Purchase 295 units @ $67.00 per unit Mar. 15 Sales 895 units @ $115.00 per unit Aug. 21 Purchase 290 units @ $90.00 per unit Sept. 5 Purchase 690 units @ $86.00 per unit Sept. 10 Sales 1,060 units @ $115.00 per unit Totals 2,560 units 1,955 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. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 790 units from beginning inventory, 205 from the February 10 purchase, 295 from the March 13 purchase, 145 from the August 21 purchase, and 520 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) 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. Round your final answers to the nearest whole dollar amount.)

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

    
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.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 540 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 70 from the August 21 purchase, and 360 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.)

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.)

rev: 10_23_2017_QC_CS-104883, 11_09_2017_QC_CS-108457, 02_24_2018_QC_CS-119467, 04_06_2018_QC_CS-123768, 02_08_2019_QC_CS-156418, 03_15_2019_QC_CS-162654

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Problem 5-3A Perpetual: Alternative cost flows LO P1

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

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.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase.

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.)

5. The company’s manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?

• LIFO

• Weighted Average

• Specific Identification

• FIFO

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

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.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase.

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.)

5. The company’s manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager?

• Specific Identification

• FIFO

• Weighted Average

• LIFO

1. A university was studied last fall to see if male students studied for a different amount of time than females during the week. The following data was collected and now, we need to be able to perform analysis on this data in order to help this university understand their student population and what changes they may be able to put into effect.

a) Perform an appropriate significance test and interpret it.

III.    Texas Southern University ‘s housing department has collected the following information for the

          Past 8 semesters.

a)Compute the regression equation.

b)Interpret a and b in the context of this problem.

An increase of tariff on steel in the US will increase domestic steel production and will reduce the quantity of steel imports in the US. Domestic producers of steel in the US will be better off, and domestic consumers of steel in the US will be worse off. With a tariff, the sum of the producers’ and the consumers’ surplus in the US steel market will decrease by an amount referred to as a deadweight loss. Is it true? Please explain, why?

6. You are interested in an International Portfolio made up of US and Canadian securities. The return on US is 15% and the return on Canada is 20%. The standard deviation of returns for US is 30% while that of Canada is 20%. If the correlation between US and Canada is -1, obtain the relevant weights for US and Canada to construct an international portfolio with zero risk. Compute the expected return on such a portfolio.