Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have no idea how to correctly do these. The first sheet is the Perpetual FIFO method. WarnerWoods company uses a perpetual inventory system it

I have no idea how to correctly do these. The first sheet is the Perpetual FIFO method.
WarnerWoods company uses a perpetual inventory system it entered into the following purchases and sales transactions for March image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
orithmic Saved Help Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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 Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 380 units @ $88.40 per unit 145 units@ $63.40 per unit 270 units @ $65.40 per unit 920 units 250 units @ $98.40 per unit 630 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO. (D) LIFO. (c) weighted average, and (d) specific identification. For recific l e #ins 4 | An - 0. THERE fram thanh Required information Goods Purchased #of Cost per units unit Date # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit Cost per March 1 Inventory Balance # of units Inventory unit Balance 220 @ $53.40 = $ 11,748.00 220 @ $53.40 = $ 11,748.00 285 @ $58.40 - 16,644.00 $ 28,392.00 March 5 285 @ $ 58.40 March 9 = CA 0.00 0 @ 0 @ $ 53.40 $58.40 220 @ 285 @ $ 53.40 = $ 58.40 = = 0.00 $ 11,748.00 16,644.00 $ 28,392.00 March 18 145 @ $ 63.40 220 @ 285 @ 145 @ $53.40 = $ 58.40 = $63.40 = $ 11,748.00 16,644.00 9.193.00 $ 37.585.00 March 25 270 @ $ 65.40 220 @ 285 @ 145 2701 $53.40 $58.40 = $ 63.40 = $ 65,40 = $ 11,748.00 16,644.00 9.193.00 17,658.00 earch OBRA 19 P3 I 1 AA/ Required information 0 $58.40 0.001 285 @ $58.401 16,644.00 $ 28,392.00 March 18 145 @ $63.40 220 @ 285 @ 145 @ $ 53.40 = $ 58.40 = $63.40 = $ 11,748.00 16.644 00 9.193.00 $ 37,585.00 March 25 270 @ $ 65.40 220 @ 285 @ 145 @ $53.40 = $ 58.40 = $63.40 = $ 65.40 $ 11,748.00 16,644.00 9.193.00 17,658.00 $ 55,243.00 270 @ March 29 = S @ell $53.40 558.40 $ 63.40 S 65.40 0.00 0.00 0.00 220 @ 285 @ 145 270 @ $ 53.40 = $ 58.40 = $63.40 $ 65.40 0.00 $ 11,748.00 16,644.00 9.193.00 17.658.00 $ 55,243.00 S 55 243.00 Totals S 0.00 Dernet LLEO 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 LIFO. Perpetual LIFO: Cost of Goods Sold Goods Purchased # of units unit Date Cost per # of units sold Cost per Cost of Goods Sold Cost per unit Inventory Balance # of units Inventory unit Balance 220 @ $ 53.40 = $ 11,748.00 March 1 March 5 285 @ $ 58.40 $ 53.40 = $ 11,748.00 220 @ 285 @ $ 58.40 = 16,644.00 $ 28,392.00 March 9 $ @ @ $ 53.40 $ 58.40 0.00 0.00 220 285 $ 53.40 = $ 10 = $ 11,748.00 $ 16,644,00 $ 28,392.00 arch o 19 Required information March 9 $ 0.00 220 @ ele) $ 53.40 $58.40 $ 53.40 = 0.00 2851 @ $ 58.40 = $ 11,748.00 $ 16,644.00 $ 28,392.00 March 18 145 @ $ 63.40 220 @ 285| @ $ 53.40 = $ 58.40 = $ 63.40 = $ 11,748.00 16,644.00 9.193.00 $ 37,585.00 145 @ March 25 2701 @ $ 65.40 220 @ 285 @ 145) @ 270 @ $ 53.40 = $ 58.40 = $ 63.40 = $ 65.40 $ 11,748.00 16,644.00 9.193.00 17,658.00 $ 55,243.00 March 29 GA @ $53.40 $ 58.40 $ 63.40 $ 65.40 0.00 0.00 0.00 0.00 @ @ 220 @ 285 @ 145 @ 270 @ $53.40 = $ 58.40 = $ 63.40 = $ 65,40 = $ 11,748.00 16,644.00 9.193.00 17,658.00 $ 55,243.00 $ 55 24300 + Totals S 0001 ch o p] x) Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal place Weighted Average Perpetual: Goods Purchased # of units Date Cost per Cost of Goods Sold Cost per Cost of Goods Sold unit # of units sold # of units unit March 1 220 @ Inventory Balance Cost per Inventory Balance unit $53.40 = $ 11,748.00 $ 53.40 = $ 11,748.00 $ 58.40 - 16,64400 $ 56.22 - $ 28,392.00 $ 88.40 = $ 33,592.00 March 5 285 @ $ 58.40 220 @ 285) @ 505 Average March 9 380 $ 88.40 $ 33,592.00 380 @ March 18 145 $ 63.40 380 @ 145 @ $88.40 - $ 63.40 = $ 81.50 $ 33,592.00 9.193.00 $ 42.785.00 525 Average March 25 270 $ 65.40 525 @ 270 S 81.50 = $ 65.40 = $ 42.787.50 17,658.00 Required information Average March 9 505 @ $56 22 = $ 28,392.00 380 @ $88.40 $ 33,592.00 March 18 380 @ $ 88.40 = $ 33,592.00 145 @ $63.40 380 @ Average 145 @ $ 88.40 = $63.40 = $ 81.50 = $ 33,592.00 9.193.00 $ 42,785.00 525 @ March 25 270 @ $ 65.40 525 @ 270 @ $ 81.50 = $ 65,40 $ 76.00 = $ 42,787.50 17.658.00 $ 60,445.50 795 @ March 29 Cotals 250 $ 98.40 = $ 24,600.00 $ 58,192.00 250 @ $ 98.40 $ 24,600.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consiste and 255 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 145 units f Specific Identification: Goods Purchased Date # of units unit March 1 Inventory Balance Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per # of units Cost per Inventory Balance unit $ 53.40 = 220 @ $ 11,748.00 March 5 285 $58.40 220 @ 285) $ 53.40 - $58.40 $ 11,748.00 16.644.00 $ 28,392.00 March 9 2201 285 @ $53.40 $58.40 $ 11.748.00 16.644.00 $ 28,392 00 220 @ 285 @ $53.40 - $58.40 - $ 11.748.00 $ 16,644.00 $ 28,392.00 March 18 145 $ 63.40 $ 220 @ 285 @ 145 $53.40 = $ 58.40 = $ 63.40 = 11,748.00 16,644.00 9.193.00 Required information March 18 145 @ $63.40 $ 220 @ 285 @ 145 @ $53.40 = $ 58.40 = $ 63.40 11,748.00 16,644.00 9.193.00 37,585.00 $ March 25 270 @ $65.40 $ 220 @ 285 @ 145] @ 270 @ $53.40 = $ 58.40 = $ 63.40 = $ 65,40 = 11,748.00 16,644.00 9.193.00 17,658.00 55,243.00 $ March 29 220 @ 285 @ $ 53.40 $ 58.40 $63.40 $ 65.40 145 @ $ 11,748.00 16.644.00 9.193.00 17.658.00 $ 55 243.00 $ 83,635.00 220 @ $53.40 = 285 @ $ 58.40 = 145 $63.40 = 270 @ $ 65,40 = = 270 @ = $ 11,748.00 16,644.00 9.193.00 17,658.00 $ 55 243.00 $ 55,243.00 Totals

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

Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits

Authors: E. Scott Dunlap

1st Edition

1439828865, 978-1439828861

More Books

Students also viewed these Accounting questions

Question

=+ (d) Even if F has jumps, E[ F(X)] ={ + E, P2[X=x].

Answered: 1 week ago

Question

=+2. What is the difference between brand voice and tone?

Answered: 1 week ago