D Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a...
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D Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase 210 units March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit @ $55.40 per unit 70 units 120 units 470 units $60.40 per unit @ $62.40 per unit Units Sold at Retail 230 units $85.40 per unit 100 units $95.40 per unit 330 units 2. Compute the number of units in ending inventory. Ending inventory units 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 include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit unit Inventory Balance 70 at $50.40 = $ 3,528.00 March 1 March 5 Total March 5 March 9 Required information March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Required information Goods Purchased Date # of units Cost per unit # of units sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Perpetual LIFO: Cost of Goods Sold unit Cost per Cost of Goods Sold # of units unit Inventory Balance Cost per Inventory Balance 70 at $50.40 = $ 3,528.00 Required information March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 < Perpetual FIFO Weighted Average > March 1 March 5 Goods Purchased Date # of units Cost per unit # of units sold Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals Weighted Average Perpetual: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 70 at $ 50.40|= $ 3,528.00 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 50 units from beginning inve units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Ending Inventory Cost per unit Ending Inventory March 1 March 5 $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 0 0 0 $ 0 < Weighted Average Specific Id> 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit D Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase 210 units March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit @ $55.40 per unit 70 units 120 units 470 units $60.40 per unit @ $62.40 per unit Units Sold at Retail 230 units $85.40 per unit 100 units $95.40 per unit 330 units 2. Compute the number of units in ending inventory. Ending inventory units 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 include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit unit Inventory Balance 70 at $50.40 = $ 3,528.00 March 1 March 5 Total March 5 March 9 Required information March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 Required information Goods Purchased Date # of units Cost per unit # of units sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Perpetual LIFO: Cost of Goods Sold unit Cost per Cost of Goods Sold # of units unit Inventory Balance Cost per Inventory Balance 70 at $50.40 = $ 3,528.00 Required information March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals $ 0.00 < Perpetual FIFO Weighted Average > March 1 March 5 Goods Purchased Date # of units Cost per unit # of units sold Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals Weighted Average Perpetual: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 70 at $ 50.40|= $ 3,528.00 $ 0.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 50 units from beginning inve units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Ending Inventory Cost per unit Ending Inventory March 1 March 5 $ 0 $ 0.00 $ 0 $ 0.00 $ 0 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 0 0 0 $ 0 < Weighted Average Specific Id> 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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