Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 88

image text in transcribedimage text in transcribed

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 88 units-64 units from the January 6 purchase and 24 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 205 units @ $4,60 38 units @ $4.20 610 units @ $3.70 36 units @ $3.40 1,231 units - $ 943.ee = 1,596.00 2,257.00 122.40 $4,918.40 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.) Ending Inventory $ 4,918 Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO 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 Units Sold at Retail Date Activities Mar.1 Beginning inventory Mar 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 120 units@ $51.48 per unit 235 units @ $56.40 per unit 95 units @ $61.40 per unit 170 units@ $63,48 per unit 280 units @ $86.40 per unit 150 unitse $96.40 per unit 438 units 620 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale #of units Cost per Cost of Goods Available for Sale Unit Beginning inventory Purchases March 5 March 18 March 25 Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Authors: James Wallace, Scott Hobson, Theodore Christensen

2nd Edition

1618533096, 9781618533098

More Books

Students also viewed these Accounting questions