Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello I have this problem which I am required to use excel with. Can I get some assistance please Problem 5-1A Perpetual: Alternative cost flows
Hello I have this problem which I am required to use excel with. Can I get some assistance please
Problem 5-1A Perpetual: Alternative cost flows P1 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Mar. 5 Mar. 9 420 units @ $85.00 per unit Beginning inventory 100 units @ $50.00 per unit Purchase 400 units @ $55.00 per unit Sales Purchase 120 units @ $60.00 per unit Purchase 200 units @ $62.00 per unit Sales Mar. 18 Mar. 25 Mar. 29 160 units @ $95.00 per unit 580 units Totals 820 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, (6) LIFO, (C) weighted average, and (d) specific identification. (Round all amounts to cents.) Check (3) Ending inventory: FIFO, $14,800; LIFO, $13,680; WA, $14,352 4. Compute gross profit earned by the company for each of the four costing methods in part 3. (4) LIFO gross profit, $17,980Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started